ONGC, Italy's Eni ink swap deals

Oil & Natural Gas Corporation (ONGC) and Italy-based Eni have signed two parallel agreements for the swap of participating interests for exploration blocks in India and Congo Brazzaville.

According to the release issued by ONGC to BSE today, through the first agreement, Eni has acquired a 34% interest in the Mahanadi deep water block (MN-DWN-2002/1), off the Orissa coast.

"The agreement would provide ONGC with a collaborative partnership to meet technological challenges in the block," the release said.

The agreement also foresees the potential for a joint operationship between Eni and ONGC in the development phase.

Through the second agreement, ONGC Videsh has acquired a 20% interest in the MTPN exploration block, operated by Eni, located in the deepwater offshore of Congo, where oil and gas has already been discovered. Eni at present is operating the block with Exxon Mobil.