ONGC Videsh, partners relinquish Israeli oil block

NEW DELHI: Three years after its much-acclaimed maiden entry into Israeli water that was symbolic of New Delhi’s growing closeness with Tel Aviv, an ONGC Videsh Ltd (OVL)-led Indian consortium has relinquished the offshore oil block due to “very poor” hydrocarbon prospectivity.

The consortium of OVL, Indian Oil Corp (IOC), Oil India Ltd and Bharat PetroResources Ltd (BRPL) has relinquished offshore Block-32, two officials with the partners said.