ONGC-Mittal wins gas block in Trinidad & Tobago

India-born billionaire Lakshmi N Mittal's joint venture with ONGC Videsh has won a gas block in Trinidad & Tobago that is estimated to have reserves of two trillion cubic feet.

ONGC-Mittal Energy won the offshore block NCMA-2 beating Britain's Centrica Plc in Trinidad & Tobago's latest bidding round, industry sources said.

The NCMA-2 block is gas bearing and is estimated to hold at least two trillion cubic feet of gas reserves.

Trinidad & Tobago had in January 2006 offered eight onshore and three shallow marine blocks for bidding. OMEL and Centrica were tied for NCMA-2 when bids came in April this year and Trinidad & Tobago's Ministry of Energy and Energy Industries invited the two to submit new proposals.

OMEL edged out Centrica in revised bids, sources said.

This is OMEL's second biggest success after Nigeria where it had acquired two exploration blocks.

Mittal had in July 2005 inked a joint venture agreement with ONGC Videsh, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), for acquisition of oil and gas fields, refinery business and LNG projects in 27 countries.