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Our Bureau

New Delhi, March 8

ONGC Videsh Ltd (OVL), the overseas arm of ONGC, has signed exploration and production sharing agreement with National Oil Corporation of Libya. According to a statement issued by OVL, the agreement was signed on March 5 at Tripoli to drill in contract area 43. The area was awarded to OVL in the recently concluded third bid round. It consists of four blocks measuring total area of 7,449 sq km, and is located in Cyrenaica offshore in the Mediterranean Sea. The block boundaries extend from the coastline to the water depth of about 2,200 metres, the statement said.

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