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ONGC Videsh to get 30% stake in six Cuban oil blocks

The agreement in this regard was signed recently with the Cuban government, as per which OVL has been permitted to receive 30 per cent stake in these blocks.

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MUMBAI: ONGC Videsh Ltd, the overseas arm of state-run ONGC is all set to acquire 30 per cent stake in six oil blocks in Cuba along with Spanish oil firm Repsil-YPF and Norwegian Norsk Hydro.

 

The agreement in this regard was signed recently with the Cuban government, as per which OVL has been permitted to receive 30 per cent stake in these blocks.

 

OVL had, earlier, entered into an agreement with Repsil-YPF on to acquire the 30 per cent participating interest in these six blocks located in the deepwaters of Cuba Exclusive Economic Zone.

 

"This agreement marks the entry of ONGC Videsh Ltd in the country. In addition, OVL has already initiated actions for increased participation in upstream hydrocarbon sector of Cuba through acquisition of additional acreages," ONGC Chairman Subir Raha said.

 

The other partners of the blocks are Repsol-YPF as the operator (40 per cent) and Norsk Hydro (30 per cent). The blocks spread along an area of approximately 12,000 square kilometres.

 

These Blocks are in the third exploration period and presently, 3-D seismic data of these blocks is being acquired, which is likely to be completed by June.

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