Posted on :Monday , 14th August 2023

Indian oil firms ONGC Videsh and Oil India Ltd partner for the possible acquisition of a 50 % stake in London-based Tullow Oil's $3.4 billion oilfield project in Kenya, Press Trust of India news agency reported, citing informed sources.

However, the Indian consortium faces competition from Chinese energy giant Sinopec, which has entered the competition following delays by Indian companies.

Initially, ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) were involved in the bid, but the latter decided not to proceed with the purchase.

Tullow is the current operator of the venture with a 50% stake. Africa Oil Corp and TotalEnergies SE have a 25% stake each. The 3 were selling half of their stakes to the Indian companies, the report said.