ONGC clarifies on news item regarding acquisition of oil blocks

With reference to the news item appearing in a leading news channel report that the Oil & Natural Gas Corporation Ltd (ONGC) will buy 1 oil block each in Iran & Angola, Oil & Natural Gas Corporation Ltd (ONGC) has clarified that in the recent Indo-Norway joint working group meeting on hydrocarbon, the Norway's Company Norsk Hydro has offered stake to ONGC Videsh Ltd (OVL), a wholly owned subsidiary of the Company in one block each in Iran and Angola. Further modalities for OVL's participation in the blocks are however required to be worked out through detailed deliberations with Norsk Hydro.

Source : Equity Bulls

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