ONGC in talks with ConocoPhillips, Shell to sell stake in offshore block

NEW DELHI (Reuters) - State explorer Oil & Natural Gas Corp is in talks with ConocoPhillips and Shell for the sale of a stake in its oil and gas block off India's east coast, a top official said on Monday.

"They are on our radar," ONGC finance director Aloke Bannerjee told reporters when asked if the company was in discussions with the two global oil majors for selling a stake in its block in the KG basin. He did not specify how much stake ONGC was looking to sell.

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.

 

(Reporting by Devidutta Tripathy and Nidhi Verma; Editing by Anupama Dwivedi)