ONGC expected to invest in the oilfields of Cairn
Friday, May 29, 2009 4:00 pmBy ShareGyan.com NewsDesk
Oil and Natural Gas Corporation has declared that it is planning to invest in the Cairn India’s Rajasthan oilfields for nearly $1 billion.
The decision emerges even after the scheme is economic not feasible for ONGC. The company owns 30% in the RJ-ON-90/1 Rajasthan’s block, where it can take nearly 30% in any unearthing without any price but it has to disburse its part of royalty and the 70% part of the operator that makes the assignment economically unviable for the firm.
The sum rate of the assignment is approximately $3.38 billion.
Nevertheless, the company’s board is yet to settle the investment offer.
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