ONGC Videsh awarded exploration permit in offshore New Zealand

ONGC Videsh awarded exploration permit in offshore New Zealand

The public sector Oil and Natural Gas Corporation (ONGC) today said its wholly owned subsidiary ONGC Videsh had been awarded an exploration permit in offshore New Zealand.

 The block 14TAR-R1 was won by ONGC Vides in the Bidding Round Block Offer-2014 by the Government of New Zealand, a press release from the company said.

 The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. ONGC Videsh submitted bid for one exploration block located in the Taranaki offshore basin in October 2014.

 The exploration permit was awarded to ONGC Videsh by Mr. Simon Bridges, Minister of Energy and Resources, Government of New Zealand at a formal ceremony held in Wellington yesterday.

 The award of the block signifies the entry of ONGC Videsh into a new country, taking its presence to 17 countries in 36 projects.

 Mr. Narendra K. Verma, MD & CEO of ONGC Videsh expressed satisfaction at the outcome of the bidding and stated that the company’s maiden entry into the hydrocarbon province of Taranaki offshore basin in New Zealand would provide it an opportunity to explore interesting hydrocarbon potential in the region and act as a foothold for greater participation in the far-east region.

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