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HindustanTimes Thu,23 Oct 2014

Govt nods 26% stake sale in ONGC block to Japan's INPEX

Anupama Airy, Hindustan Times  New Delhi, February 11, 2013
First Published: 21:22 IST(11/2/2013) | Last Updated: 22:11 IST(11/2/2013)

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.

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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.

http://www.hindustantimes.com/Images/Popup/2013/2/12_02_13-buss24c.jpg

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.


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