Informer
JF-Expert Member
- Jul 29, 2006
- 1,606
- 6,672
GAIL India, on the other hand, is also keen on acquiring a stake in upstream assets in Tanzania, and is weighing merger and acquisition (M&A) opportunities in the country.
ONGC Videsh Limited (OVL) will take part in the bidding process for seven oil and gas blocks that are being put up for auctioning next month in Dar-es-Salaam. It would also look at partnering Tanzania Petroleum Development Corporation (TPDC) for two deep-water blocks.
In a communication to the Petroleum and Natural Gas Ministry, the Indian Ambassador in Dar-e-Salaam informed that a public auction of oil and gas blocks was likely to commence in Tanzania for which the bidding process would start in October 2013.
Tanzanian Government would prefer well known companies with good track record. ONGC, which discovered Tanzanias first gas Songo Songo in 1971, when other companies had given up prospecting in the area, enjoys a good reputation there. It is advised that ONGC/OVL along with GAIL India should interact with Tanzanian authorities for the seven oil and gas blocks, the communication added.
OVL TO TAKE PART
Responding to the offer made by the Ambassador and the Ministry of External Affairs (MEA), OVL has decided to take part in the bidding round. The bidding was to take place in 2012 but had been deferred for some reasons. OVL has been keenly following the progress, and understands that in addition to the seven deep-water blocks, two deep-water blocks (block 4/1B and 4/1C) are reserved for government where TPDC will be allowed to execute a different exploration approach using a strategic partner.
"We would like to submit that OVL would be also keen to participate in this strategic approach along with TPDC, OVL Managing Director S.K. Sarraf communicated to Debnath Shaw, High Commissioner of India in Dar-e-Salaam.
GAIL India, on the other hand, is also keen on acquiring a stake in upstream assets in Tanzania, and is weighing merger and acquisition (M&A) opportunities in the country. The company is understood to have carried out due diligence in some of the projects that have been shortlisted under the name Project Zircon.
It is learnt that company has appointed Rothschild as transaction advisor, Robertson as technical advisor and KPMG as tax consultant for the above mentioned project.
Source: OVL to bid for 7 blocks in Tanzania - The Hindu
ONGC Videsh Limited (OVL) will take part in the bidding process for seven oil and gas blocks that are being put up for auctioning next month in Dar-es-Salaam. It would also look at partnering Tanzania Petroleum Development Corporation (TPDC) for two deep-water blocks.
In a communication to the Petroleum and Natural Gas Ministry, the Indian Ambassador in Dar-e-Salaam informed that a public auction of oil and gas blocks was likely to commence in Tanzania for which the bidding process would start in October 2013.
Tanzanian Government would prefer well known companies with good track record. ONGC, which discovered Tanzanias first gas Songo Songo in 1971, when other companies had given up prospecting in the area, enjoys a good reputation there. It is advised that ONGC/OVL along with GAIL India should interact with Tanzanian authorities for the seven oil and gas blocks, the communication added.
OVL TO TAKE PART
Responding to the offer made by the Ambassador and the Ministry of External Affairs (MEA), OVL has decided to take part in the bidding round. The bidding was to take place in 2012 but had been deferred for some reasons. OVL has been keenly following the progress, and understands that in addition to the seven deep-water blocks, two deep-water blocks (block 4/1B and 4/1C) are reserved for government where TPDC will be allowed to execute a different exploration approach using a strategic partner.
"We would like to submit that OVL would be also keen to participate in this strategic approach along with TPDC, OVL Managing Director S.K. Sarraf communicated to Debnath Shaw, High Commissioner of India in Dar-e-Salaam.
GAIL India, on the other hand, is also keen on acquiring a stake in upstream assets in Tanzania, and is weighing merger and acquisition (M&A) opportunities in the country. The company is understood to have carried out due diligence in some of the projects that have been shortlisted under the name Project Zircon.
It is learnt that company has appointed Rothschild as transaction advisor, Robertson as technical advisor and KPMG as tax consultant for the above mentioned project.
Source: OVL to bid for 7 blocks in Tanzania - The Hindu