ONGC in talks to buy Cairn''s India interests
03 March 2006
New Delhi: ONGC today said that it is talking with with UK-based Cairn Energy to buy its Indian assets, which includes its majority ownership in RJ-ON-90/1 oil block in Rajasthan.
Cairn is believed to have sought offers for its 22.5-per cent stake in the Ravva oilfield, which produces about 50,000 barrels of per day, and in Rajasthan, where more than a dozen discoveries have been made.
However, it is not known how far the talks have progressed nor was the purchase price indicated.
ONGC is believed to be keen on acquiring these oil assets if it can negotiate with Cairn on its expectation of $3.8 billion.