ONGC Mittal

I would like to have more information o the ONGC and Mittal joint venture and the implications of the failed exploration of the oil exploration in Nigeria?

[Shaleen]

ONGC Mittal Energy, Ltd. engages in the exploration, development, production, pipeline transportation, and refining of hydrocarbons. It currently focuses on acquisition of oil and gas assets. The company was incorporated in 2005 and is based in London, United Kingdom.

OMEL — a joint venture of ONGC Videsh and Mittal Investment Sarl — had in 2005 won right to explore for oil and gas in offshore OPL-279 and OPL-285 blocks after committing to invest $6 billion in an 180,000 barrels per day greenfield refinery, a 2,000 MW power plant or a railway line from east to West of Nigeria.

ONGC-Mittal Energy Ltd, the famed joint venture of ONGC and Lakshmi Mittal, has relinquished an oil block in Nigeria after the African nation refused to relieve it of a $6 billion downstream investment commitment.

Sources said the company had in 2012 relinquished deep sea block OPL-279 after prospective hydrocarbon zones did not offer any viable commercial development.

It offered to continue with the other block OPL-285 provided Nigeria relieved it of the $6 billion commitment.

As the waiver was not agreed by Nigeria, OMEL transferred its 64.33 per cent stake in the block to partners Total of France and EMO, a local Nigerian company.

After this relinquishment, OMEL is left with just the al-Furat project in Syria with China National Petroleum Company International. However the oil and gas field has been shut since late 2011 after the European Union imposed oil trade sanctions on Syria due to geopolitical developments.

Address:

ONGC Mittal Energy, Ltd.
9th Floor
Berkeley Square House
Berkeley Square
London, W1J 6DA
United Kingdom
Phone: 44 20 7255 7712
Fax: 44 20 7255 7701