ONGC in talks with BG group, ENI to sell 30% stake in India block

State explorer Oil and Natural Gas Corporation (ONGC) is in talks with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30% stake in an east coast block, the Business Standard reported on Thursday.                                           

Citing two board members of ONGC, the newspaper said the company was in discussions with BG Exploration and Production India and ENI for technological assistance. ONGC could not immediately be reached for comment.                                           

Last year, ONGC had asked foreign firms including Exxon Mobil and BP to submit proposals to buy a stake in the east coast block.                                           

UK gas major BG and ENI had also shown interest in taking stakes in the deepwater block, DK Pande, head of exploration at ONGC, had said at the time. In February, BP agreed to buy a 30% stake in 23 oil and gas blocks owned by Reliance Industries, India's most valuable listed conglomerate, for $7.2 billion.