ONGC Said to Lose Bid for Exxon’s Stake in Angolan Oil Field

Oil & Natural Gas Corp., India’s biggest energy explorer, lost a bid to buy Exxon Mobil Corp.’s 25 percent stake in an Angolan oil field, said two people with knowledge of the matter.

ONGC, based in New Delhi, had offered about $2 billion for the stake in Block 31 off Angola’s coast, said one of the people, who declined to be identified because the sale process is confidential.