ONGC Sets Sights on Blocks in Ecuador

ONGC Videsh is negotiating with EnCana Corporation to acquire equity stake in oil blocks in Ecuador, according to the ONGC Chairman and Managing Director, Mr. Subir Raha. "We are looking at the opportunity and we are talking to EnCana," he told reporters on Thursday.

EnCana has placed on offer its equity in five oil blocks in Ecuador. Of these, four are producing oil. The company has decided to sell out it 36.3 per cent stake in the 500-km Oleoducto de Crudos Pesados crude pipeline, which has a capacity of 450,000 barrels per day. "Negotiations are in progress," Mr. Raha said, adding that the fields were "significant" in size. The acquisition, if clinched, would provide India 9,00,000 barrels per day of crude oil.