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SEP 26 2013

ONGC identifying more Kazakhstan blocks to buy stakes

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 26th SEP 2013

ONGC also said to examine exploration assets in Myanmar, Bangladesh, Lebanon and Australia

Indian state explorer Oil and Natural Gas Corp. (ONGC) is in the process of identifying more oil and gas blocks in Kazakhstan in which it could buy stakes, the head of its overseas unit ONGC Videsh said.

The company is in talks with the Kazakh government and is in the process of identifying blocks that could be for exploration or producing assets, D.K. Sarraf told reporters in New Delhi.

Earlier this year, Kazakhstan blocked ONGC's purchase of a 8.33% stake in the giant Kashagan oil project from ConocoPhillips, which was subsequently sold to China National Petroleum Corp. for $5 billion.

ONGC is also looking for exploration assets in Myanmar, Bangladesh, Lebanon and Australia, a company executive said. Reuters


Delhi Gas Natural Gas Oil ONGC China Petrol ONGC Videsh Petroleum India Australia

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