This acquisition is in accordance with the recently signed memorandum of understanding with Oil and Natural Gas Corporation Limited (ONGC).
The HF-ONN-2001/1 Block, with an area extent of 1,513sqkm, is operated by ONGC that holds the remaining 65% interest following the transaction. One exploration well is planned to be drilled by the end of 2008 and one other in the third exploration phase. The transaction is subject to the approval of the government of India.
Zoltan Aldott, executive vice president of the exploration and production division of MOL, said: This is the first result following the signing of the memorandum of understanding with ONGC in January 2008. We consider India as a new, promising target country and ONGC as our natural partner. Our plan is to build up a well-balanced portfolio.
