India: ONGC to buy into Adani-Welspun’s oil block off Mumbai coast

India: ONGC to buy into Adani-Welspun’s oil block off Mumbai coast

Photo: Mint

State-owned oil and natural gas explorer Oil and Natural Gas Corp. Ltd (ONGC) is in talks with Adani-Welspun Exploration Ltd (Adani-Welspun) to buy a stake in the latter’s oil block in the western offshore region off the coast of Mumbai.

ONGC is in advanced talks to either partner with or completely buyout block MB-OSN-2005/2 held by Adani-Welspun since 2005, said two officials from the company on condition of anonymity. A deal could be signed before the end of the current fiscal, the officials said.

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