Oil and Natural Gas Corporation said on Friday it was invited by the Maersk Oil to participate in the bidding for buying a 30 per cent stake in two Caspian Sea blocks.
"ONGC Videsh Ltd was invited by Maersk Oil to participate in the bidding of the proposed divestment of 30 per cent of participating interest of Maersk Oil Turkmenistan B V Gas in this Block," ONGC informed the Bombay Stock Exchange.
OVL was shortlisted for further negotiation with the Maersk Oil. Pursuant to these negotiations, the agreements are likely to be signed in near future subject to the approval by the host government, it said.
South Caspian Basin contains largest proven oil and gas reserves in Central Asian Region of the Caspian and encompasses the State of Azerbaijan, Iran and Turkmenistan.
Block 11-12 is located in offshore Turkmenistan at north-eastern margin of the South Caspian Basin and 35 Km north east of giant Azeri-Chirag-Gunashli field, which is operated by British Petroleum.
"The block is contiguous with the proven fields in Kura-Karti Basin to the west, West Turkmen Basin in the east and Asppheron-PreBalkan Basin to the west," ONGC said.
The block 11-12 is being operated by a consortium of Maersk 0il Turkmenistan BV Gas, a subsidiary of Maersk Oil a Denmark registered Company with 80 per cent participating interest along with Wintershall having 20 per cent participating interest.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group