Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) and the Gujarat State Petroleum Corporation (GSPC) are in talks on a potential transaction for purchase by ONGC of GSPC’s stake and operatorship in NELP-III Block KG-OSN-2001/3 (Block) in Krishna Godavari (KG) Basin offshore.

In this regard, the company’s board considered the proposal and approved acquisition of the entire 80% Participating Interest (PI) of GSPC along with operatorship rights, at a purchase consideration of $995.26 million for Deen Dayal West Field in the Block.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.