ONGC In Talks to Sell Indian Ocean Deepwater Stakes - FT

(Dow Jones Newswires), Aug. 8, 2011

India's Oil & Natural Gas Corp. (ONGC) is talking to Shell, BG Group and Eni to sell stakes in its Indian Ocean deepwater developments, the Financial Times reported Sunday, citing ONGC's chairman AK Hazarika.

ONGC is already co-operating with Shell, BG and Eni in a number of other blocks, and talks had been under way for some time. ONGC seeks a partner on the technical front to expand the development of its 85 deepwater blocks in the Indian Ocean, Hazarika said in the report available on the FT website, without giving a deadline for the deal.

The company was willing to give away up to 30% of its assets in exchange for technical expertise, Hazarika said, according to the report.

Shell and BG declined comment, while Eni didn't respond, the FT said.

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