ONGC likely to sell stake in offshore block to ConocoPhillips and Shell

Posted By: Religare
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ONGC likely to sell stake in offshore block t
State-owned, Oil & Natural Gas Corporation (ONGC), is in discussion with ConocoPhillips and Shell for the sale of a stake in its oil and gas block off India's east coast, said the media report.

ONGC, Finance Director, Aloke Bannerjee talking to the media on the stake sale said that "They are on our radar."

However, he did not specify the amount of stake ONGC is looking to sell, added the media report.

Besides, ONGC hopes to produce from six million to nine million standard cubic metres per day (mscmd) of gas by 2017 from its offshore east coast blocks, which are situated adjacent to Reliance Industries' KG D6 gas block.

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