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ONGC Videsh completes acquisition of 30% participating interest in Petroleum Exploration License 0037

Offshore Namibia

4 October 2017

New Delhi, ONGC Videsh Limited (ONGC Videsh), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC) has completed the acquisition of 30% Participating Interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License), Offshore Namibia from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. Tullow with remaining 35% Participating interest shall continue to remain the operator of the License. Pancontinental Namibia (Pty) Limited with 30% Participating interest and Paragon Oil and Gas (Pty) Limited with 5% Participating interest are other partners in the License.

The completion of the present transaction marks ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.

Stellar acted as advisor to Tullow for the farm-out.