Sources said the two players have been in talks for months and a final agreement is likely to be reached soon.
GSPC has been struggling to commercialise gas production from Deen Dayal, despite spending close to $3 billion on exploration and development. Production has been delayed for several years.
However, industry sources have suggested that the Deen Dayal gas field could prove to be a strategic fit for ONGC, considering the vast untapped potential of the gas field.
