The two blocks, the inland Block B and offshore Block 15, were offered to the company on a nomination basis following a meeting between India’s Oil and Natural Gas Minister, Veerappa Moily, and Sudan’s Petroleum Minister, Hatim Abuelgasin Mukhtar M Elamin, last week. Should the offer be accepted ONGC Videsh would have 100 percent right of investment in the blocks in Block B, which are reported to have established oil reserves, and Block 15, which is currently at the exploratory stage.
The offer from the Sudanese government is consistent with the strategic interests of India in the African nation and is also in tune with ONGC Videsh’s existing investments. These saw the company pick up a 25 percent equity stake in Greater Nile Oil Project in 2003, which held Blocks 1, 2 and 4 covering 49,000 square kilometres in the Muglab basin.
