ONGC & Shell likely to form alliance to bid for overseas assets

Posted By: Religare
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State-run Oil and Natural Gas Corp (ONGC) and energy major, Shell are likely to enter into a joint venture in order to bid for the global oil and gas assets.

Both ONGC and Shell are keen to explore upstream and downstream opportunities domestically. The partnership would help ONGC develop a strong foothold in the gas business, said the media report.

The statement said that such an alliance would mark Shell's return to the Indian E&P sector after selling its 50 per cent stake in the prolific Barmer block in Rajasthan to Cairn India for $7.5 million.

Besides, Shell and ONGC had earlier signed an MoU in 2006 in a bid to examine momentous opportunities , both in India and other regions across the world, which did not turned to success because of some cabinet approvals.

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