Angola’s petroleum minister, Jose Maria Botelho de Vasconcelos, reported that talks were still ongoing with ONGC on the possibility of the Indian firm picking up ExxonMobil’s 25% stake in Block 31.
Companies “may decide to leave and others decide to join in,” Vasconcelos told reporters in Luanda. “It’s a dynamic process.”
The Indian state-run firm submitted a binding bid for ExxonMobil’s stake in Block 31, which is home to the PSVM development due to come onstream in 2012.
ExxonMobil has declined to say whether the stake was for sale.
