OVL joins race for Ghana fields
July 16, 2009 – 11:11 am | 28 views
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It is learnt that ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC) has joined the race to buy a 30% stake in Jubilee oil fields in Ghana from the US-based Kosmos Energy, reports Economic Times.
OVL has initiated the due diligence process and is expected to put in a formal bid this month.
OVL has visited the data room that Kosmos Energy opened for potential bidders.
OVL is likely to team up with a foreign company to put in a bid, which could be in the range of USD 3-4 billion.
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