The ONGC Mittal Energy, OMEL a joint venture between ONGC and LN Mittal is likely to partner with the French oil major, Total in its two Nigerian oil blocks, media reported Tuesday.
OMEL holds 60% participating interest in OPL-279 and the local Nigerian firm EMO holds the balance 40%. The company has 90% stake in OPL-285 and the rest is held by EMO.
The French major is to pick up around 14% and 26% respectively in the highly prospective blocks OPL -279 and OPL-285. The negotiations are almost over, said an OMEL official. The deal is expected to have a reciprocal arrangement. As per the arrangement, Total would offer equity stakes to OMEL in its oil and gas assets in other countries.
Through this tie-up, the OMEL -led consortium could source equipment, including drilling rigs. The tie-up is also significant as Total has expertise in undertaking exploration and production activities in that region.
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ONGC, LNM To Partner With French Oil Major
The ONGC Mittal Energy, OMEL a joint venture between ONGC and LN Mittal is likely to partner with the French oil major, Total in its two Nigerian oil blocks, media reported Tuesday
