Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    HomeNewsBusinessCompaniesONGC in talks with BG, ENI to sell stake in Indian block

    ONGC in talks with BG, ENI to sell stake in Indian block

    State explorer Oil and Natural Gas Corp is in talks with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30% stake in an east coast block

    June 16, 2011 / 16:24 IST
       
       
      26 Aug, 2025 12:21
      Volume
      Todays L/H
      More

      State explorer Oil and Natural Gas Corp is in talks with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30% stake in an east coast block, the Business Standard reported on Thursday.


      Citing two board members of ONGC, the newspaper said the company was in discussions with BG Exploration and Production India and ENI for technological assistance.


      ONGC could not immediately be reached for comment.


      Last year, ONGC had asked foreign firms including Exxon Mobil and BP to submit proposals to buy a stake in the east coast block.


      UK gas major BG and ENI had also shown interest in taking stakes in the deepwater block, D.K. Pande, head of exploration at ONGC, had said at the time.


      In February, BP agreed to buy a 30% stake in 23 oil and gas blocks owned by Reliance Industries, India's most valuable listed conglomerate, for USD 7.2 billion.

      first published: Jun 16, 2011 10:53 am

      Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

      Subscribe to Tech Newsletters

      • On Saturdays

        Find the best of Al News in one place, specially curated for you every weekend.

      • Daily-Weekdays

        Stay on top of the latest tech trends and biggest startup news.

      Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347