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ONGC signs agreement with Rocksource ASA
ONGC has entered into an agreement with Rocksource ASA, a Norwegian
company for assignment of 10% participating interest (PI) in deep water
block CY-DWN-2001/1 located in Eastern Offshore. ONGC is the operator
in the deep water block with 55% PI and the other two partners are Oil
India and Petrobras International Braspetro (PIB BV). The block was
awarded by the Government of India under the NELP III Round.
The
farm-out agreement has been signed 15 September 2008 by D K Pande,
director exploration and Dag Dvergsten, chairman, Rocksource ASA. The
agreement to assign participating interest in the block is subject to
consent of Oil India and Petrobras International Braspetro (PIB BV) and
approval of the Government of India. After assignment of PI, ONGC shall
have 45% PI in the block.
ONGC had signed an MOU with Rocksource
ASA in January 2008 for cooperation in E&P sector in India and
abroad. Rocksource is a technology driven E&P company which
specializes in interpretation of EM data, combining this ability with
top-level knowledge of seismic and well data which in turn facilitates
a valuable integrated analysis of drillable prospects. Rocksource has
exploration and producing assets in Norway, UK and USA. The association
of Rocksource in the block and application of its proprietary
technology is expected to reduce risk associated with drilling deep
water wells in the block. The technical expertise available with
Rocksource shall also be used for other exploration blocks of ONGC.
The company made this announcement during the trading hours today, 16 September 2008.
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