ONGC likely to sell stake in deep-water blocks to Shell

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ONGC likely to sell stake in deep-water blocks to Shell
State-owned, Oil and Natural Gas Corporation (ONGC) is likely to sell stake of some deep-water blocks out of its 56 deep-water blocks to global energy giant, Royal Dutch Shell.

"Selling stakes in some of the deepwater oil and gas blocks to Shell is part of a larger tie up that ONGC is working out with this Anglo Dutch multinational energy firm, already having a huge presence in India," a senior ONGC official told media.

Moreover, the strategic partnership between the two companies would invest billions of dollars in the oil and gas sector, said the media report.

Besides, the two companies may jointly invest into oil refining, LNG and also the marketing of petroleum products in India as Shell wants to make a comeback into India's exploration sector after a long spell.

Story first published: Monday, May 20, 2013, 13:31 [IST]
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