A Bid Round for participation in some oil & gas blocks has been announced by the Government of Mexico and ONGC Videsh Ltd. is in the early stages of evaluating the prospectivity of various blocks available under the Bid Round.
The Exchange had sought clarification from Oil & Natural Gas Corporation Ltd with respect to news article appearing in Financial Chronicle on April 6, 2015 titled "ONGC vying for oil & gas blocks in Mexico permit bid"
Oil & Natural Gas Corporation Ltd clarified that ONGC Videsh Ltd., 100% subsidiary of Oil and Natural Gas Corporation Limited (ONGC), regularly scouts for and evaluates various oil & gas exploration & production opportunities outside India. A Bid Round for participation in some oil & gas blocks has been announced by the Government of Mexico and ONGC Videsh Ltd. is in the early stages of evaluating the prospectivity of various blocks available under the Bid Round. Several other global oil & gas companies are also doing the evaluation.
Oil & Natural Gas Corporation Ltd clarified that ONGC Videsh Ltd., 100% subsidiary of Oil and Natural Gas Corporation Limited (ONGC), regularly scouts for and evaluates various oil & gas exploration & production opportunities outside India. A Bid Round for participation in some oil & gas blocks has been announced by the Government of Mexico and ONGC Videsh Ltd. is in the early stages of evaluating the prospectivity of various blocks available under the Bid Round. Several other global oil & gas companies are also doing the evaluation.
The information on Mexico Bid Round including the names of pre-qualified companies which includes ONGC Videsh Ltd. is in public domain and also on the website ronda1.gob.mx of the Government of Mexico.
At this stage, there is no comment on the news item. Information to Stock Exchanges in terms of Clause 36 of the Listing Agreement shall be submitted if ONGC Videsh Ltd. participates and is awarded any block under the Bid Round."
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