PORT OF SPAIN, June 25 - ONGC Mittal Energy Ltd (OMEL) has pulled out of an oil and gas production sharing contract it had signed with the Trinidad and Tobago government six months ago, Energy Minister Conrad Enill said on Thursday.
"We had an arrangement with the Mittal group, OMEL, and by letter dated 28 May, 2009, they indicated they are unable to proceed," Enill told reporters in Port of Spain.
A consortium bringing together OMEL and Trinidad and Tobago's state-owned oil company Petrotrin signed the contract with the government in December to carry out exploration on the North Coast Marine Area (NCMA) Block 2, which comprises 98,669 hectares (243,816 acres).
Enill said the NCMA Block 2 would now be included in the country's next oil bidding round, which does not yet have a scheduled date.
OMEL, a joint venture company between ONGC Videsh Limited of India (ONGC.BO) and Mittal Investments Sarl, had planned to invest $500 million in exploring five wells and constructing production facilities over the next four years.
"We had an arrangement with the Mittal group, OMEL, and by letter dated 28 May, 2009, they indicated they are unable to proceed," Enill told reporters in Port of Spain.
A consortium bringing together OMEL and Trinidad and Tobago's state-owned oil company Petrotrin signed the contract with the government in December to carry out exploration on the North Coast Marine Area (NCMA) Block 2, which comprises 98,669 hectares (243,816 acres).
Enill said the NCMA Block 2 would now be included in the country's next oil bidding round, which does not yet have a scheduled date.
OMEL, a joint venture company between ONGC Videsh Limited of India (ONGC.BO) and Mittal Investments Sarl, had planned to invest $500 million in exploring five wells and constructing production facilities over the next four years.
