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