India’s ONGC eyes Exxon stake in Angolan field: report

MUMBAI (BestGrowthStock) – Indian state-run explorer Oil and Natural Gas Corp (ONGC.BO: ) is talking to U.S. energy major Exxon Mobil’s (XOM.N: ) Angolan arm to buy its 25 percent stake in an oil field for about $2 billion, the Economic Times reported on Monday.

ONGC Videsh, an unit of ONGC, will put in a bid, the newspaper said, citing two people with direct knowledge of the situation.

Officials at ONGC and Exxon Mobil could not immediately be reached by Reuters for comment.

The Economic Times said Esso Exploration, an arm of Exxon Mobil, owns a quarter of the deepwater block in Angola.

The block will produce 300,000 barrels of crude oil per day at its peak by 2012, the paper said, citing the website of the United States Energy Information Administration.

For a detailed report, see (www.economictimes.com)

(Writing by Sumeet Chatterjee; Editing by Ranjit Gangadharan)

India’s ONGC eyes Exxon stake in Angolan field: report