ONGC Videsh Ltd., will buy Talisman Energy Inc.'s 25% stake in the Greater Nile Oil Project in Sudan for about US $750 million, the Press Trust of India reported. "OVL will buy Canadian Talisman Energy's 25% in the Greater Nile Oil Project, negotiations for which have been completed," an unnamed source was quoted as saying.
The investment has been cleared by the Indian government's Empowered Committee of Secretaries and would now be put before the Cabinet for final approval. The Greater Nile Oil Project consists of four blocks in the Muglad Basin and a 1,500-kilometer pipeline from the producing fields to Port Sudan on the Red Sea. Talisman's stake in the project represents 10% of its overall production.
China National Petroleum Corp. holds 40% of the project, Petronas owns 30%, and Sudapet owns the remaining 5%.