ONGC and UK based BG Group Discuss Enron Properties
Wednesday, December 26, 2001
India's state-run Oil and Natural Gas Corp remains open to continued discussions with UK's BG Group over the operatorship of the Panna-Mukta and Tapti oil and gas fields offshore western India. "We are ready for talks with BG. Let them come with a good offer," said ONGC spokesman Mohan Reddy. The comments came after the expiry Dec 24 of a conditional agreement between BG and the bankrupt Enron Corp for the former to buy Enron Oil and Gas India Ltd for $388-mil. Operator EOGIL holds a 30% stake in the Panna-Mukta and Tapti fields. The Enron-BG agreement was conditional to BG acquiring operatorship of the fields. But for this, BG needs approval of joint-venture partners ONGC (40%) and Reliance Industries (30%). ONGC earlier rejected some offers from BG in exchange for securing the operatorship, sources said.