Date:31/08/2004 URL: http://www.thehindu.com/2004/08/31/stories/2004083103281400.htm

Business - Briefly

ONGC Videsh acquires oil block

NEW DELHI, AUG. 30. ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), has acquired a majority interest in an oil block in Australia.

"We have acquired 55 per cent interest in Block WA 306 P, located in the North West Shelf in offshore Australia, from Canadian firm Antrim Energy Inc,'' OVL Managing Director, R. S. Butola, told PTI here. While OVL is not paying any money for the acquisition, it will carry the entire cost of drilling of the first exploratory well on the block, likely in September.

"In the event of a discovery in the block, OVL will get to recover the cost of the exploration first.