ONGC is reportedly planning to hike stake in Cairn’s Rajasthan Oil Block. At present, ONGC holds 30% stake in the said Oil Block.
The Rajasthan Oil Block consists of three contiguous development areas, Development Area (DA) 1, which comprises the Mangala, Aishwariya, Raageshwari and Saraswati (MARS) fields; DA 2, consisting of the Bhagyam and Shakti fields and DA 3, having the Kaameshwari West fields.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
