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This is an archive article published on January 11, 2005

ONGC sets eyes on Encana stake

ONGC is in the race for picking up Canadian firm Encana’s stake in a cluster of oil fields in Ecuador and is also talking to Russia for...

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ONGC is in the race for picking up Canadian firm Encana’s stake in a cluster of oil fields in Ecuador and is also talking to Russia for picking up stake in assets of oil major Yukos.

ONGC CMD Subir Raha told reporters that “We have bid (for Encana oil fields).” OVL has bid for the assets, which include the Canadian firm’s stake in the Amazon blocks 14, 17 and Tarapoa, with combined output of 66,891 barrels of oil per day. OVL is pitched against Petrochina for the Encana assets. Raha, however, refused to divulge details of the bid.

On Yukos, Raha said “We are in touch with the concerned Russian entities.” He refused to elaborate. Officials indicated that ONGC was eyeing 10-15 per cent stake in Yuganskneftegaz (Yugansk), the main production unit of Yukos. ONGC has an agreement with Rosneft (which acquired Yugansk) and it may farm into one of the oil fields of Yugansk.

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