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ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid, says executive
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ONGC Videsh Ltd (OVL) is waiting for clarity on the equity structure of a block in the Lokichar basin in Kenya from Tullow Oil before bidding for a stake, a company executive said on Tuesday. Tullow in May said that its two minority partners have withdrawn from the field.
Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media. OVL is the overseas investment arm of state-run Oil and Natural Gas Corp.
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