India's OVL to Bid for Tanzania Oil, Gas Blocks

ONGC Videsh Ltd (OVL), the overseas arm of India's state-owned Oil and Natural Gas Corp. (ONGC), is likely to bid for deep-sea oil and gas blocks in Tanzania, reports Press Trust of India.

Tanzania is offering eight blocks in its fourth Offshore Licensing Round, bids for which close on 15 May.

“We are examining the blocks on offer. Based on our evaluation we will decide to place bids for one or more blocks,” Press Trust quotes OVL managing director S.P. Garg as saying.

The East African nation is offering seven deep offshore blocks and the Lake Tanganyika North Offshore Block.

OVL is looking to expand its footprint in Africa. The company currently has producing and exploration assets in Sudan, South Sudan, Nigeria and Libya.

Tanzania’s fourth deepwater round was originally to be launched in April 2011. At the time, nine offshore areas—Blocks 1B, 1C, 2A, 3A, 3B, 4A, 4B, 5A and 5B were to be offered. But the round was postponed for technical reasons. The bidding round was finally announced in October last year with Block 2A, 3A, 3B, 4A, 4B, 5A, 5b and North Lake Tanganyika put on offer.