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Anupama Airy, Hindustan Times
New Delhi, February 11, 2013
In what marks the entry of Japanese companies in India's oil and gas exploration and production sector, the government has approved the proposal of Japan's INPEX Corp to pick up a 26% stake in Oil and Natural Gas Corporation's (ONGC's) Krishna Godavari basin block, KG-DWN-2004/6.

While confirming the move, a senior petroleum ministry official refused to disclose the amount of the deal.

"The Deed of Assignment and Assumption for assigning 26% of its Participating Interest to INPEX offshore East India Ltd for the KG-DWN-2004/6 block was submitted to us and we have conveyed our approval to the deal," a senior official in the Directorate General of Hydrocarbons said.

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The block was awarded to ONGC-led consortium of Gail Ltd, Gujrat State Petroleum Corp, Hindustan Petroleum Corp and Oil India Ltd in 2007

"Net assets of INPEX as on March 31, 2012 were $28 billion and net income for 2011-12 was $2 billion... also INPEX is major exploration and production (E&P) company and is known for its technical competence," the DGH said.