New Delhi -°C
Today in New Delhi, India

Sep 29, 2020-Tuesday
-°C

Humidity
-

Wind
-

Select Country
Select city
ADVERTISEMENT
Home / Business News / ONGC arm to buy stake in Egyptian gas field

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
IANS

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.

ht epaper

Sign In to continue reading