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ONGC bids for stake in Angola oil block

ONGC bids for stake in Angola oil block

Oil and Natural Gas Corporation (ONGC) has bid for US energy major Exxon Mobil’s 25 per cent stake in a deep-sea oil block in Angola. OVL has submitted a binding bid for an offer made by Exxon Mobil to participate in the sale process of its 25 per cent stake in Block 31 in Angola. In case the bid by OVL is successful, it would entitle OVL to a share of production, as per its stake, from the production of oil to commence during 2012.

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