Deals
ONGC, GAIL Said to Plan Bid for Part of Exxon Kashagan Stake
This article is for subscribers only.
Oil & Natural Gas Corp., India’s biggest energy explorer, and GAIL India Ltd. are in talks to buy part of Exxon Mobil Corp.’s stake in Kazakhstan’s Kashagan field, two people with direct knowledge of the matter said.
The state-owned companies have made a non-binding offer and will evaluate the oil and gas field in the Caspian Sea before making a final bid, one of the people said, asking not to be identified before an official announcement. The investment needs approval from India’s Cabinet, the people said.