ONGC bids for First Calgary Petroleum

Oil and Natural Gas Corporation (ONGC) has bid for acquiring the Canadian oil and gas firm First Calgary Petroleum (FCP), which owns high potential oil and gas blocks in Algeria.

ONGC, through its overseas arm ONGC Videsh (OVL), has made two bids - one for acquring Calgary-based FCP as a whole, and the other for acquiring its interest in Ledjmet and Yacoub exploration blocks in Algeria's Berkine basin, industry sources said.

FCP is listed on the London and Toronto stock exchanges.

A top company official confirmed having bid for FCP, but refused to give details. "All I can confirm is that we have put in our bid."

OVL faces competition from European and Chinese firms. At least two European majors have also bid for the firm.

As on October 31, 2004, independent engineering firm Degolyer and Macnaughton has estimated the gross proved, probable and possible recoverable reserves to be approximately 13.5 trillion cubic feet of natural gas equivalent (TCFE) consisting of 8.4 trillion cubic feet of natural gas and 860 million barrel of oil, condensate and LPG.