ONGC Videsh in possible alliance with Wintershall of Germany

Vol 7, PW 17 (05 Nov 03) News in Brief

ONGC Videsh has begun talks on a possible alliance with German oil company Wintershall AG.

Both companies met in London last month during a meeting of the International Energy Advisory Council. "The CEO of Wintershall proposed that both of our companies could join hands and work together in E&P activities," says an OVL source.

OVL has welcomed the proposal. Formal meetings between the two have yet to take place but we learn Wintershall is planning to send a business development team to India to discuss specifics.

Wintershall AG is a wholly owned subsidiary of the German chemical, fertiliser and petrochemical group BASF AG and is Germany's largest mineral, oil and natural gas producer with 290,000 barrels a day. "Some 100,000 b/d of this comes from Libya." Besides Germany, the company has exploration and production acreage in the North Sea, North Africa and South America.

It is also expanding activity in Russia and the Caspian Sea.