November 6, 2006
The media had reports on November 02, 2006 that Oil & Natural Gas Corpn Ltd will buy 1 oil block each in Iran and Angola.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Oil & Natural Gas Corpn Ltd has vide its letter inter-alia stated, "It is submitted that in the recent Indo-Norway joint working group meeting on hydrocarbon, the Norway's company Norsk Hydro has offered stake to ONGC Videsh Limited, a wholly owned subsidiary of ONGC 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: National Stock Exchange of India Limited
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