INDIA BUSINESS WORLD - OCTOBER 21^st - NOVEMBER 15^th - 2007

OMEL BUYS 30% IN TURKMENISTAN BLOCK

The ONGC Mittal Energy (OMEL), a joint venture between ONGC Videsh (OVL) and Mittal Investment Sarl (MIS), has acquired 30% stake in an exploratory block off Turkmenistan's shore in the Caspian sea. This is the fourth global asset of OMEL that has already picked up equity in oil and gas blocks in Syria and Nigeria. "The Turkmenistan block covers 5,663 sq km, and is located close to discovered and producing fields with a number of prospects with significant reserve potential," the company said in a release. OMEL will be participating in the block under a consortium with participation from a German and Danish company.