Austrian firm sells oil stakes in Sudan

KHARTOUM, Sudan, May 12, 2004 (PANA) — Austrian oil and gas group OMV AG has sold its stakes in two oil exploration Blocks in Sudan for 115 million US dollars, on the Sudanese government`s approval, national news agency, SUNA reported Wednesday.

The report said OMV sold its stakes in the two oil blocks in the Muglad Basin to India`s ONGC Videsh Ltd.

The Austrian group in 1997 bought 26 percent stake in Block 5A, operated by Lundin Sudan Ltd, and in 2001 it bought 24.5 percent stake in Block 5B.