Essar to take 20 pc stake in Libyan oil, gas blocks

New Delhi, Mar 2 (UNI) Essar Oil Ltd today said it is in talks with Phoenix Libya, a subsidiary of Phoenix AG, to buy 20 per cent stake in two oil and gas blocks in Libya.

The group is also mulling to buy two jack-up rigs for 350 million dollars from ABG shipyard, which are expected to be delivered by 2009.

''We are talking to Phoenix Libya for a 20 per cent stake and will further increase it to 50 per cent,'' company's Executive Director (E&P division) Shishir Agrawal told reporters on the sidelines of a conference.

He said the deal, for a stake in blocks NC 100 and NC 101, will be completed by December 2007.

The company would execute the deals through its subsidiary Essar Global, Mr Agrawal added.

When asked about bidding for the Iranian oil blocks, he said the company would bid for the 17 oil blocks announced.

Bids are due for submission in June, he said.

Essar group has a stake in two blocks in Myanmar and two in Madagascar.

UNI