OVL, Cairn India to Jointly Bid for Sri Lanka Oil, Gas Blocks

ONGC Videsh Ltd (OVL) and Cairn India Ltd are likely to bid jointly for oil and gas blocks in Sri Lanka, according to Press Trust of India.

Sri Lanka is offering 13 offshore exploration blocks in the Cauvery and Mannar basins, located to the North and West of the island nation.

OVL-Cairn combine are likely to bid for three of them together, sources with direct knowledge of the development told Press Trust of India.

The bids are expected to close on November 29.

Sources told Press Trust of India that OVL wants to hold at least 51 percent in the consortium it intends to form with Cairn for bidding in the 2nd Licensing Round of Sri Lanka.

Of interest of OVL are three blocks M4, M5 and M6 in the Mannar basin, they said.

Cairn already has a block in Mannar basin where it has made two gas discoveries.

Sign-up for our free weekly newsletter update via email here