ONGC Mittal Energy (OMEL), joint venture between ONGC Videsh and Mittal Investment Sarl, has acquired a 30% participating interest in an exploratory block located in offshore Turkmenistan in the Caspian Sea.


The block is located new to discovered and producing fields, and there are signs it has significant reserve potential.


Turkmenistan’s government awarded the block to Maersk Oil in December 2002. The consortium is now made up of OMEL with its 30% participating interest, Wintershall, a German company with a 34% participating interest and Maersk Oil, a Danish company with a 36% participating interest.


One exploratory well has already been drilled and another is planned to planned to be drilled by the new consortium during 2008.