ONGC wants high stake in SL oil exploration

India’s ONGC Videsh Limited has strongly pitched for acquisition of oil and gas blocks in the Gulf of Mannar basin in Sri Lanka, a media report said.

According to India’s “The Hindu”, company officials have discussed their interest during a recent meeting held by India’s National Security Advisor Shiv Shankar Menon, to review the progress of implementation of key project initiatives with Sri Lanka.

OVL has already expressed its interest in all the Northern blocks for which a proposal has been submitted to the Sri Lankan Petroleum Resources Development Secretariat.

“The Sri Lankan Government is positively inclined to give the Cauvery Basin blocks to OVL. However, there is a need on the part of OVL to engage with Sri Lankan Government in more detailed discussions,” the meeting has resolved reported “The Hindu”

The report also says India’s OVL is considering forming a consortium with some Indian firms such as Oil India to engage in petroleum exploration in Sri Lanka.

However, the company has turned down the offers made by Russia’s Gazprom to jointly bid for oil blocks in Sri Lanka.

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