ONGC in Talks with ConocoPhillips, Shell to Sell Stake in Offshore Block
NEW DELHI, Aug 12 (Reuters) - Indian state explorer Oil & Natural Gas Corp is in talks with ConocoPhillips and Shell for the sale of a stake in its oil and gas block off India's east coast, a top official said on Monday.
"They are on our radar," ONGC finance director Aloke Bannerjee told reporters when asked if the company was in discussions with the two global oil majors for selling a stake in its block in the KG basin. He did not specify how much stake ONGC was looking to sell.
ONGC hopes to produce from six million to nine million standard cubic metres per day (mscmd) of gas by 2017 from its offshore east coast blocks, which are situated adjacent to Reliance Industries' KG D6 gas block.
(Reporting by Devidutta Tripathy and Nidhi Verma; Editing by Anupama Dwivedi)
WHAT DO YOU THINK?
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.
Operates 43 Offshore Rigs
Manages 8 Offshore Rigs
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
- Sources: India ONGC Strikes 'Good' Offshore Oil, Gas Find (Sep 20)
- India To Acquire Seismic Data Of 48,000 Line kms To Boost Oil, Gas Output (Sep 12)