State-owned Oil and Natural Gas Corporation (ONGC) Friday said it is considering selling stakes of some deep-water blocks to Shell Exploration Company BV as a part of its strategy to tie up with the global energy major.
"We are considering selling stake of some of our deep water blocks to Shell," ONGC chairman and managing director Sudhir Vasudeva told reporters on the sidelines of a discussion forum on "Shale Gas: A Game Changer in Energy", organised by the Bengal Chamber of Commerce and Industry here.
Vasudeva said discussions with Shell were going on but it was at a preliminary stage.
Selling stakes of deep-water blocks would be a part of the firm's strategy to acquire technology from the global energy major, he said.
ONGC owns 56 deep-water blocks at present.
Vasudeva, however, declined to comment on the percentage of stake ONGC was considering to offer to Shell.
The companies were in talks for partnership in both upstream and downstream operations, he informed.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app