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ONGC, GAIL Eye Exxon Stake In Kashagan Field

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State-run gas firm GAIL (India) and explorer Oil and Natural Gas Corp are interested in buying part of ExxonMobil Corp's stake in Kazakhstan's Kashagan oil field, GAIL Chairman B. C. Tripathi said on Wednesday.

"We are interested. In all such ventures abroad we are happy to work with OVL (ONGC Videsh Ltd)," Tripathi told Reuters, when asked to comment on a news report that the two Indian firms are eyeing part of Exxon's stake in the giant Kashagan oil field.

Tripathi refused to elaborate further.

The Hindustan Times newspaper on Wednesday reported that ONGC Videsh Ltd -- the overseas investment arm of ONGC -- and GAIL are planning to acquire an 8.4 per cent stake from Exxon in the Kashagan field for about $5 billion.

The consortium led by ONGC Videsh has submitted a "non-binding but firm indicative bid" to Exxon for half of its 16.81 percent stake in the Kashagan oil field, the report said, citing documents related to the deal.

ExxonMobil has never publicly stated its intention to sell any of its stake.


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business energy and power exxon ongc videsh ltd ongc gail