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Inpex takes 26 pct stake in offshore block from ONGC
November 5, 2012 / 8:23 AM / 5 years ago

Inpex takes 26 pct stake in offshore block from ONGC

TOKYO (Reuters) - Japan’s top oil and gas explorer, Inpex Corp (1605.T), said on Monday it had agreed to acquire a 26 percent stake in an offshore Indian exploration block, KG-DWN-2004/6, from state-run Oil and Natural Gas Corp(ONGC.NS).

Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in Gujarat September 12, 2009. REUTERS/Amit Dave/Files

After completion of the deal, which is subject to Indian government approval, exploration company ONGC will continue to serve as the block’s operator, with a 34 percent stake, Inpex said. (Reporting by Osamu Tsukimori; Editing by Clarence Fernandez)

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