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39

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

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.