OVL in talks to acquire stake in Tullow's $3.5 bn project

The meeting was positive and the parties agreed to hold further discussions, it said in a tweet.Besides Tokhi of OVL and Baindail of IOC, Tullow CEO Rahul Dhir was also present in the meeting, the pictures tweeted by the two showed.Tullow holds a 50 per cent stake in the south Lokichar field and is looking to give up operatorship in favour of a strategic partner.

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation (IOC) are in talks to acquire a stake in Tullow Oil's Lokichar oil field in Kenya.

Kenya's Cabinet Secretary in the Ministry of Energy Monica Juma in a tweet confirmed the talks.

''Received and held a meeting with H.E. Dr. Virandar Paul, Indian High Commissioner to Kenya alongside representatives from Indian Oil Corporation Limited, Mr. Hridesh Baindail- Executive Director Indian Oil Corporation Ltd, Mr. Sanjeev Tokhi - Executive Director - OVL,'' she tweeted.

Tullow also confirmed the talks.

''Tullow confirms that the Ministry of Petroleum and Mines hosted a meeting with Tullow and OVL in Nairobi as part of Tullow's ongoing process to secure a strategic investor for Project Oil Kenya. The meeting was positive and the parties agreed to hold further discussions,'' it said in a tweet.

Besides Tokhi of OVL and Baindail of IOC, Tullow CEO Rahul Dhir was also present in the meeting, the pictures tweeted by the two showed.

Tullow holds a 50 per cent stake in the south Lokichar field and is looking to give up operatorship in favour of a strategic partner. TotalEnergie of France and Africa Oil Corporation holds 25 per cent each.