INTRODUCTION
 ONGC
Videsh Ltd. has entered into an agreement on September 15, 2005
with Repsol-YPF, Spain to acquire 30% participating interest in
the deep water exploration Blocks 25, 26, 27, 28, 29 and 36 in the
Cuba. The acquisition will be completed after approval by the Government
of Republic of Cuba. The other partners of the Blocks are Repsol-YPF(40%)
and Norsk Hydro of Norway (30%). Repsol-YPF is the operator.
The acquisition marks OVL’s first foray into the Cuba’s
Oil and Gas Industry. The blocks are spread over an area of nearly
12000 sq. km in Exclusive Economic Zone of Cuba. The hydrocarbon
resource potential in the blocks is estimated to be in excess of
four billion barrels. One exploratory well drilled in one of these
blocks indicated presence hydrocarbons.
These Blocks are in the third exploration period. Work Program during
this period includes acquisition of 3000 sq. km. 3-D seismic data
and drilling of wells on the selected prospects.
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