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ONGC Videsh buys stake in Sudan project

Mumbai, Oct. 31: ONGC Videsh Limited, a wholly-owned subsidiary of ONGC Ltd, signed an agreement on Wednesday with Talisman Energy Inc. of Canada to acquire a 25 per cent stake in the Greater Nile Oil Project, an oil producing field in Sudan.

Confirming this, Union minister for petroleum and natural gas Ram Naik said, “Two historic developments have given a big boost to India’s efforts to achieve energy security—we have now secured equity oil from the West and discovered our own gas in the East”.

He said the discovery of gas by Reliance Industries Limited in deep water block KG-DWN-98/3 in the Krishna-Godavari offshore area was another historic event. India imports 70 per cent of its oil at present, at a cost of over Rs 80,000 crore per annum but has a huge unsatisfied demand for gas. These twin successes will enable India rapidly realise the goal of achieving oil and gas security envisaged in the India Hydrocarbon Vision 2025, he added.

Naik said the Sudan oilfield has oil reserves of over 150 million metric tonnes (over 1,050 million barrels) with an upside potential of even more oil and gas in the block. The field is currently producing about 12 million metric tonnes per annum (about 240,000 barrels per day) which is about the same as the production of Mumbai High field.

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