Inpex to Buy 26% in India Offshore Exploration Block from ONGC

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TOKYO - Inpex Corp. said Monday that it will acquire a 26% interest in exploration block KG-DWN-2004/6, offshore India, from Oil and Natural Gas Corp.

The Japanese energy upstream company didn't disclose the value of the deal.

This is the first time Inpex is participating in oil and gas exploration activities in India since the business integration between the former Inpex and Teikoku Oil Co. in 2008, the company said in a statement.

The deal is subject to certain conditions, including Indian government approval, it added.

ONGC will continue to operate the block with a 34% interest. GAIL (India) Ltd., Gujarat State Petroleum Corp., Hindustan Petroleum Corp. and Oil India Ltd. own 10% each in the block.

Copyright (c) 2012 Dow Jones & Company, Inc.

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WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Dr.chandra | Nov. 21, 2012
More than 20 yeras experince -I am having in energy sector-- My Experince -- I have no hope -- Inpex will get profit along with ONGC- somany reasons & invisibile matters in this deal


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