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ONGC plans to acquire US firm

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ONGC plans to acquire US firm

Tuesday, 24 July 2007

Oil and Natural Gas Corp (ONGC) is mulling take over of the US oil firm Transmeridian, which has 211-million reserves in Kazakhstan.
Transmeridian has been on ONGC Videsh Ltd’s (OVL) acquisitions radar for some time now.
According to the sources, the company has conducted preliminary due diligence and is expected to take a decision anytime now.
The Huston-based company has hundred per cent interest in CaspiNeft, which holds the licence South Alibek field in the Kazakhstan. The field is expected to produce one million barrels of oil per day.
The AMEX Stock Exchange listed company is valued at over $1.5 billions by independent valuers.
The source said as per United Sates law, OVL had two options to take over Transmeridian-make an offer directly to company share holders for the purchase of shares or make a merger proposal under which 100 per cent of the company is acquired with the board and share holders approving OVL’s offer.
Transmeridian chairman Lorry T. Oliver is the largest share holder with 18.4 per cent interest.

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THE South Alibek field constitutes a 14,111 sq. km in the northeast of Caspian Sea in north western Kazakhstan, 380 km away from Tangez.
OVL currently has 26 projects in 15 countries with Oil projects in Sudan, Russia, Columbia and Seria And one in Vietnam, for natural gas.
During FY08, OVL’s share of production in 1.76 million tonne of oil and 0.519 billion cubic meters of gas.

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