ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid

India is awaiting clarification on the capital structure of a block in Kenya’s Lokichar Basin from Tullow Oil before bidding for a stake, an executive of India’s ONGC Videsh Ltd (OVL) said on Tuesday.

Tolo said in May that its minority partners had withdrawn from the field.

The executive, who was not authorized to speak to the media, said other Indian companies likely to partner with OVL to buy the stake are also evaluating the stake purchase.

OVL is the offshore investment arm of the state-run oil and natural gas company.

Oil India Chairman Ranjit Rath said in May that Indian state-run oil exploration companies were in talks with Tulu Oil to buy a stake in the company’s London-Kenya complex.