India's ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid - exec

Credit: REUTERS/Amit Dave

New DELHI, July 4 (Reuters) - India's ONGC Videsh Ltd (OVL) is waiting for clarity on the equity structure of a block in the Lokichar basin in Kenya from Tullow Oil TLW.L before bidding for a stake, a company executive said on Tuesday.

Tullow in May said that its two minority partners have withdrawn from the field.

Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media.

OVL is the overseas investment arm of state-run Oil and Natural Gas Corp ONGC.NS.

Indian state-run oil exploration companies are in talks with Tullow Oil to buy a stake in the London-based firm's block in Kenya, Oil India Chairman Ranjit Rath had said in May.

(Reporting by Nidhi Verma in New Delhi; writing by Sethuraman NR in Bengaluru; editing by Eileen Soreng)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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