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.
