ONGC mulling sale of stakes of some deep-water blocks to Shell

Kolkata, May 17 (IANS) State-owned Oil and Natural Gas Corporation (ONGC) Friday said it is considering selling stakes of some deep-water blocks to Shell Exploration Company BV as a part of its strategy to tie up with the global energy major.

“We are considering selling stake of some of our deep water blocks to Shell,” ONGC chairman and managing director Sudhir Vasudeva told reporters on the sidelines of a discussion forum on “Shale Gas: A Game Changer in Energy”, organised by the Bengal Chamber of Commerce and Industry here.

Vasudeva said discussions with Shell were going on but it was at a preliminary stage.

Selling stakes of deep-water blocks would be a part of the firm’s strategy to acquire technology from the global energy major, he said.

ONGC owns 56 deep-water blocks at present.

Vasudeva, however, declined to comment on the percentage of stake ONGC was considering to offer to Shell.

The companies were in talks for partnership in both upstream and downstream operations, he informed.

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