ONGC identifying more blocks to buy stake in Kazakhstan - exec

Reuters

NEW DELHI (Reuters) - State explorer Oil and Natural Gas Corp (ONGC.NS) is in the process of identifying more oil and gas blocks in Kazakhstan in which it could buy stakes, the head of its overseas unit ONGC Videsh said.

The company is in talks with the Kazakh govt and in the process of identifying blocks that could be for exploration or producing assets, D.K. Sarraf told reporters in New Delhi.

Earlier this year, Kazakhstan blocked ONGC's purchase of a 8.33 percent stake in the giant Kashagan oil project from ConocoPhillips (COP.N), which was subsequently sold to China National Petroleum Corp for $5 billion.

ONGC is also looking for exploration assets in Mayanmar, Bangladesh, Lebanon and Australia, a company executive said.

(Reporting by Nidhi Verma; Editing by Anupama Dwivedi)

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