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Friday, 21 November, 2008, 23:50 GMT | more >>

New Delhi nod for ONGC Egypt move



By Upstream staff 

India's Cabinet has given the nod to state-run explorer Oil & Natural Gas Corporation's (ONGC) plans to buy a 33% stake in the North East Mediterranean Deep-Water Block, off Egypt, from operator Shell, a minister said.

"ONGC's proposal to buy stake in Shell's block in Egypt has been cleared. The amount is around $380 million," the Cabinet minister, who did not wish to be identified, told Reuters.

Shell has announced the North East Mediterranean Deepwater Block, in which it holds 84%, has probable reserves of 15 trillion cubic feet of gas, according to a US Department of Energy website.

Malaysian state oil and gas company Petronas holds the remaining 16% in the concession, which was awarded in 1999.


Friday, 15 June, 2007, 10:37 GMT  | last updated: Friday, 15 June, 2007, 12:54 GMT

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