ONGC-Mittal JV acquires 30% stake in Turkmenistan block

New Delhi, Oct 22 (UNI) ONGC Mittal Energy Ltd (OMEL), a joint venture between ONGC Videsh Ltd (OVL) and Mittal Investment Sarl (MIS), today said it has acquired 30 per cent participating interest (PI) in an exploratory in Turkmenistan.

The block 11-12 in the Caspian Sea covers an area of 5,663 square km, and is located close to discovered and producing fields, said a company statement.

Discoveries have been made in the adjoining areas such as Ashrafi and Karabakh, it added.

Denmark's Maersk Oil, which was awarded the block 2002, has 36 per cent PI, whereas German's Wintershall has 34 per cent PI.

Wintershall and Maersk had acquired seismic data and drilled one exploratory well in the block.

''The well had provided indications of hydrocarbons. Another well is planned to be drilled by the new consortium during 2008,'' it said.

Turkmenistan block is the fourth asset of OMEL. The JV had earlier acquired interest in a producing asset in Syria, currently producing about 130,000 barrels per day of oil.

UNI