• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi , April 8

ONGC Videsh Ltd on Wednesday announced that it has reached an agreement with the Royal Dutch/Shell group to buy a 50 per cent stake in an offshore oil field in Angola for $600 million.

ONGC Videsh, the subsidiary of the country's biggest state oil producer Oil & Natural Gas Corporation (ONGC), expects to complete the stake purchase from Shell Development Angola BV by mid 2004, the company said in a press statement.

The completion of the transaction is subject to approvals by government of Angola and pre-emption rights of BP Plc and Sonangol SA, the statement said. The block is operated by BP.

The Indian company is buying out Shell's entire stake in Block 18, a deepwater exploration block, along with the Greater Plutonio development.

More Stories on : Mergers & Acquisitions | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Grant Thornton opens office in Bangalore

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line