ONGC arm to buy stake in Egyptian gas field | business | Hindustan Times
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ONGC arm to buy stake in Egyptian gas field

The overseas arm of ONGC has secured the government's nod to acquire 33 per cent stake in a gas field in Egypt from Royal Dutch Shell.

business Updated: Jun 15, 2007 21:29 IST

The overseas arm of the state-run Oil and Natural Gas Corp (ONGC) has secured the government's nod to acquire 33 per cent stake in a gas field in Egypt from Royal Dutch Shell, official sources said on Friday.

The approval was given by the cabinet committee on economic affairs at a meeting chaired by Prime Minister Manmohan Singh. ONGC Videsh Ltd (OVL), the sources said, will be paying between $160-$175 million for the stake.

The government on Friday allowed ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, to acquire Royal Dutch/Shell's 33 per cent stake in a deep-sea gas field off Egypt.

OVL officials said the north-east Mediterranean deepwater block has probable reserves of around 15 trillion cubic feet of gas.