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ONGC bids for 3 oil and gas blocks in Sri Lanka

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December 2
12:52 AM 2013

ONGC Videsh Ltd (OVL) has bid for three oil and gas blocks in the Mannar basin in Sri Lanka. The said blocks are of huge strategic and economic interests in India, according to The Telegraph India.

ONGC is the overseas arm of state-run energy firm Oil and Natural Gas Corporation. According to sources, OVL has bid for the M4, M5, and M6 blocks. The sources also said Sri Lanka had put 13 blocks on offer, the report said.

Several oil giants have also expressed interest in the said blocks. These firms include Exxon Mobil Corp, France's Total, Royal Dutch Shell, Sinopec, CNPC of China, and Eni of Italy. Some of these companies are likely to have placed their bids, said the report.

The said bidding in the second licensing round for oil and gas block closed last week. Sri Lanka will award the blocks early 2014, the report added.

The state-owned corporation had placed its offers as part of a consortium. The Indian government had given its approval for the bids. The country is currently keen on increasing its presence in Sri Lanka to compete with China's growing influence in Sri Lanka, The Telegraph India reported.

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