Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

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 / 04:24 PM IST
 
 
live
  • bselive
  • nselive
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.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Sections
ISO 27001 - BSI Assurance Mark