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Mumbai Feb. 14 Oil and Natural Gas Corp Ltd (ONGC) signed agreements on Wednesday with Italian exploration company Eni S.p.A for a `swap of interest' in exploration blocks located in India and Congo-Brazzaville (Africa).

The first of the agreements gives Eni 34 per cent participating interest in ONGC's eastern offshore deepwater block (MN-DWN-2002/1) in the Mahanadi basin. Eni would be able to provide advance technological expertise for deepwater explorations to ONGC.

The second agreement gives ONGC 20 per cent participating interest in the MPTN exploration block, which is currently being operated by Eni and is located off the coast of Congo-Brazzaville. Eni has been present in the region since 1968.

Addressing the media, Mr U. Vergine, Senior Vice-President, for exploration and production at Eni said that the MPTN exploration block in Congo-Brazzaville was a large block with reserves of as much as 300 million barrels of oil.

ONGC could use Eni's deepwater rig, which is operating in Andaman region, to explore for oil in the Mahanadi area.

More Stories on : Alliances & Joint Ventures | Petroleum | Oil & Natural Gas Corporation Ltd

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