Namibia: ONGC farms in to Tullow block

India’s ONGC Videsh signed agreements with Tullow Namibia on 28 June to acquire 30% in PEL 37, comprising blocks 2112A, 2012B and 2113B. Tullow will retain 35% and the operatorship, while Australia’s Pancontinental Oil & Gas holds 30% and the local Paragon Oil and Gas 5%.Pancontinental chief executive Barry Rushworth welcomed the news, saying: “The credentials of ONGC Videsh are well known to us and we expect this to be a positive step toward testing the large oil potential of PEL 37.”