Offshore staff
(Cuba) - ONGC Videsh Ltd. (OVL) has entered into an agreement with Repsol-YPF to acquire 30% participating interest in deepwater exploration blocks 25, 26, 27, 28, 29 and 36 offshore Cuba.
The acquisition will be complete after approval by the Cuban government. Other partners for the blocks are Repsol-YPF (40% and operator) and Norsk Hydro of Norway (30%).
The acquisition marks OVL's first involvement in Cuba's oil and gas industry.
The blocks are spread over nearly 12,000 sq km in that country's Exclusive Economic Zone (EEZ). The hydrocarbon resource potential of the blocks is estimated to be more than 4 Bbbl.
It was an exploratory well drilled in one of these blocks that had indicated the presence of hydrocarbons.
The blocks are in the third exploration period.
The work program includes acquisition of 3D seismic data on 3,000 sq. km. and drilling of wells at the selected prospects.
11/18/05
