For Quick Alerts
For Daily Alerts

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

By Religare
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.

Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more