SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

ONGC loses bid to buy Exxon stake in Angolan field; strikes gas reserves in Tripura

15 Mar 2011 Evaluate

ONGC lost a bid to buy Exxon Mobil’s 25% stake in an Angolan oil field. ONGC had offered about $2 billion for the stake in Block 31 off Angola’s coast. British energy firm BP Plc is the operator of the ultra- deep sea block with 26.7% stake.

Block 31 is expected to produce 1,50,000 barrels of crude oil per day (7.5 million tons a year) and output is expected to start in 2012.In all 19 oil discoveries have so far been made in the block.French oil major Total SA's subsidiary TEPA hold 5% interest in the block.

OVL had in 2004-05 lost out on acquiring 45% stake in the giant Akpo oilfield in Angola. The government had rejected OVL proposal due to Akpo's ownership issues.After Indian government disallowed OVL to pursue the Akpo opportunity, China's CNOOC Ltd acquired the 45% stake for $2.268 billion.Sonangol is the concessionaire of Block 31.

In another development,Oil and Natural Gas Corporation (ONGC) has made a significant gas discovery in Tripura. On testing, one of its sand zone flowed gas at the rate of 1,13,400 cubic meter per day. crackcrack

ONGC Share Price

283.35 -0.60 (-0.21%)
20-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.35
Oil India 471.35
Jindal Drilling&Inds 542.35
Deep Industries 477.70
Asian Energy Service 315.25
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×