India's OVL Wins Oil, Gas Block in New Zealand

ONGC Videsh Ltd (OVL), foreign arm of state owned ONGC, has won an oil and gas block in New Zealand’s Taranaki offshore basin.

Exploration Block- 14TAR-R1 was awarded in the Bidding Round Block Offer-2014 by the Government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding.

ONGC Videsh submitted bid for the exploration block in October 2014.

Commenting on the occasion, MD & CEO of ONGC Videsh Narendra K. Verma expressed satisfaction at the outcome of the bidding and stated that ONGC Videsh’s maiden entry into the hydrocarbon province of Taranaki offshore basin in New Zealand shall provide an opportunity to explore interesting hydrocarbon potential in the region and act as a foothold for greater participation in the far-east region.