OVL bids for oil & gas block in NZ

New Delhi | Published: November 20, 2014 4:43:06 AM

NGC Videsh (OVL) has bid for an oil and gas block in New Zealand.

ONGC Videsh (OVL) has bid for an oil and gas block in New Zealand, reports PTI. Eight onshore and offshore blocks covering more than 190,000 sq km were on offer in its latest licensing round, bids for which closed in end-September. OVL, however, did not identify the block it has bid for. This is OVL’s maiden bid for an exploration acreage in New Zealand. The country launched the exploration round last year with a view to beef up oil-export earnings and trim dependency on agriculture. Last year, it awarded 10 licences, all of them to companies already exploring for oil and gas in the country.

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