ONGC-Mittal exit Turkmenistan oil block

ONGC and its partner, steel baron Lakshmi N Mittal have exited an oil block in Turkmenistan after exploratory failure, leaving the once high profile joint venture with oil properties in just two countries. ONGC-Mittal Energy Ltd — the joint venture of ONGC Videsh Ltd and Mittal Investment Sarl, had in October 2007 acquired 30 per cent interest in offshore block 11-12.