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MOL signs deal to acquire 35% of exploration block in India

Automotive

Hungarian oil and gas company MOL said Thursday it signed a farm-out agreement with India’s Oil and Natural Gas Corporation Limited (ONGC) to acquire a 35% interest in an onshore exploration block in NW India.

ONGC will hold a 65% interest in the 1,500 square kilometers block when the transaction, which is subject to approval by the Indian government, is closed. MOL plans to drill one well in the area by the end of 2008 and one more in the third exploration phase. The acquisition was made in accordance with a memorandum of understanding with ONGC signed in January, MOL said. MOL’s VP in charge of exploration and production Zoltán Áldott said at the time that MOL and ONGC could agree to invest as much as $20 million in each other’s exploration and production operations. (MTI-Econews)

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