OVL to bid for oil and gas block in Tanzania.

ONGC Videsh Ltd., the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is likely to bid for deepsea oil and gas blocks in Tanzania as it looks to expand its presence in energy-rich Africa.

Tanzania is offering eight blocks in its fourth Offshore Licensing Round, bids for which close on May 15.

'We are examining the blocks on offer. Based on our evaluation we will decide to place bids for one or more blocks,' OVL Managing Director S P Garg said.

The bidding round includes seven deep offshore blocks and the Lake Tanganyika North Offshore Block.

The deepsea blocks are located in water depths of 2,000 to 3,000 meters adjacent to proven prospective blocks. The Lake Tanganyika North Block is located in water depth of up to 1,500 meters along the western arm of the East African Rift System that is proven prospective for commercial liquid hydrocarbons.

BS