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Power Update | April 2011

OVL races for oil block

An unknown company has outbid ONGC Videsh’s bid to buy Exxon Mobil’s 25 per cent stake in a deep-sea oil block in Angola. OVL had last year bid around $ 2.1-2.2 billion for the 25 per cent stake in Block 31 in Angola however, Exxon received at least one offer better than OVL’s bid. OVL has the option to hike its bid.
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