ONGC Videsh Bids For Shell Stake In Angola Oil Block

ONGC Videsh has bid for Shell's 50% stake in an offshore oil block in Angola, an ONGC official said Friday.

"I confirm that ONGC Videsh has put in a bid for Shell's entire stake in block 18 in Angola," the official told Dow Jones Newswires. He declined to elaborate.

A Shell India spokeswoman declined to comment on the subject citing the company's "absolute confidentiality in such matters."

ONGC Videsh has already acquired stakes in upstream ventures in Iraq, Russia, Vietnam, Iran, Syria, Libya and Sudan to supplement its domestically-produced oil and gas.

India currently imports about 70% of its annual crude requirements.

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