ONGC bids for Exxon Mobil’s stake in Angola oil block

Oil and Natural Gas Corporation (ONGC), the country’s biggest energy explorer, has bid for US energy major Exxon Mobil’s 25 per cent stake in a deep-sea oil block in Angola. It would entitle OVL a share of production, as per its stake, from the production of oil expected to commence during 2012. Block 31 is expected to produce 150,000 barrels of crude oil per day (7.5 mn tonne a year). Contact: Oil and Natural Gas Corporation. Tel: 011-2331 0156. Website: www.ongcindia.com