Oil & Natural Gas Corporation Ltd.

State run, ONGC is aiming to acquire 10% stake held by Cairn India in its discovered deepwater block in the Krishna-Godavari Basin. The company has already got board’s approval for the same. The balance 90% stake in KG-DWN-98/2 oil and gas block in the East Coast is held by ONGC.

The company is likely to pay Cairn the cost basis of its investment. Estimates put the number at about $47 million for Cairn's stake. It is reported that Cairn had earlier written to ONGC stating that it was not confident about the development plan which quantified the in-place reserves.

Recently, ONGC has written to 13 international companies, mainly from the US and Australia, for a proposed partnership in 19 oil and gas acreages, including the East Coast ultra-deepwater discovery. ONGC expects to complete the process by the second quarter of the next fiscal.