The Government may divest 10 per cent stake in Oil India this fiscal, said a senior company official, requesting not to be named.

“There is no spanner in talks of divestment of Government stake in Oil India. The Petroleum Ministry is in talks with the Department of Divestment to fine-tune the timing of divestment,” the official told media persons.

He said that if Oil India sells stake, the company would target foreign investors. “We want FIIs to participate; we know our share price is good. Of course, pricing is a challenge,” he added.

The Government is hoping to mop up around Rs 2,000-2,500 crore by selling shares in Oil India.

ONGC-ConocoPhillips SHALE GAS deal

ONGC may soon tie up with Houston-based ConocoPhillips for shale gas exploration.

ONGC Chairman and Managing Director Sudhir Vasudeva said that the ConocoPhillips’ team is expected soon with details of the shale gas areas that interest them.

“All the data on shale gas has been given to them and they have been engaged in very detailed study. They will bring their own understanding based on their experience while working with shale gas and the basins that are of interest, based on prospectivity.

“Based on that we’ll take call,” Vasudeva told mediapersons.

richa.mishra@thehindu.co.in

siddhartha.s@thehindu.co.in

(This article was published on November 26, 2012)
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