ONGC, Cairn to swap equity in two blocks

By siliconindia staff writer   |   Thursday, 02 September 2004, 19:30 IST
Printer Print Email Email
BANGALORE: Oil and Natural Gas Corp (ONGC) will take a stake in two exploration areas of Cairn Energy and give the British company a share in two other blocks, a Government official said on Thursday. Under the agreement, ONGC will buy into an offshore block in the Krishna-Godavari basin and another block off the Gujarat coast, while Cairn will get a stake in an onland block in Gujarat and another in Uttar Pradesh. "The proposal has been cleared by the CCEA (Cabinet Committee on Economic Affairs). The net outgo from ONGC will be $135 million," said the official.