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TimesNowTV: OVL eyes Shell block

Thursday, June 14, 2007 12:39:32 pm
ONGC Videsh is likely to acquire 33 per cent stake in Shell near Egypt. 

ONGC’S foreign arm ONGC Videsh is all set to acquire a 33 per cent stake in Shell’s high-prospect deep water block in the Northeast Mediterranean region near Egypt. OVL will require the union cabinet’s nod to go ahead with the investment of $380 million to pick up the stake.

The Egypt block has estimated gas reserves of around 14 trillion cubic feet (tcf). The size is stated to be approximately the same as Reliance’s approved gas find in the KG Basin and production is expected to begin by 2012. The block is currently held by Shell (84%) and Petronas of Malaysia (16%). and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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