India's ONGC Videsh Interested in Tullow's Africa Assets

ONGC Videsh (OVL), the overseas investment arm of Indian state owned Oil and Natural Gas Corp (ONGC), is looking at buying stake in Tullow Oil’s assets in Africa, according to news agency Reuters.

“ONGC is keen to buy a stake in the African properties of Tullow that includes assets in Ghana and Kenya,” a source told Reuters.

The state owned energy firm wants to expand its presence in Africa, Managing Director N. K. Verma told the news agency in an interview earlier this week.

Tullow has been operating in Africa since 1986. In recent years the group has had significant exploration success in Uganda's Lake Albert Rift Basin, offshore Ghana and most recently in Kenya’s South Lokichar Rift Basin opening three new hydrocarbon basins.