As reported, Petrobras plans to sell the field as part of its efforts to consolidate resources to develop domestic oil and gas finds, including an 8-billion barrels Tupi oilfield.
ONGC has initiated talks with Shell and BP to sell the stake in the block after it purchases it from Petrobras, The Wall Street Journal reported citing a Dow Jones report. The gas exploration block is situated next to Reliance Industries’ KG-DWN-98/3 or KG-D6 block off the east coast.
At present, ONGC owns 65% of the block. Earlier, the company divested a 25% stake to Petrobras and Norway’s Norsk Hydro Oil & Energy. Norsk Hydro Oil & Energy and the Indian unit of Cairn Energy hold 10% equity each in the field.
