India's oil major buys 55% stake in Australian oil block

Monday, 30 August 2004, 07:00 Hrs
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BANGALORE: India's largest oil and gas exploration firm Oil and Natural Gas Corporation (ONGC) has acquired 55 percent stake in an offshore oil block located in western Australia.

Disclosing this here Monday, ONGC chairman Subir Raha told reporters the latest deal would make it the company's 10th acquisition in the last three years.

"We have completed the acquisition of property in western Australia from a Canadian firm (Sunday night). The oil block is known as Browse. It is our 10th overseas acquisition in three years."

Details of the acquisition would be made known through the stock exchanges at London, Toronto and Mumbai where ONGC is listed, Raha said on the sidelines of a meeting with the government for a memorandum of understanding on ONGC's proposed investments in the state.

Source: IANS
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