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24 May 2023

ONGC, Oil India in talks for 50% stake in $3.4 billion Kenya oilfield, Chinese firm enters fray

India's flagship overseas oil firm ONGC Videsh has got a new partner in Oil India Ltd to replace a reluctant IndianOil (IOC) for the potential acquisition of a 50 percent stake in Tullow Oil Plc's USD 3.4 billion oilfield project in Kenya, according to people with knowledge of the matter. But the OVL-OIL duo now faces competition from super-aggressive Chinese energy giant Sinopec which has entered the fray taking advantage of the delay on the Indian part in finalising the deal.

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ONGC, Oil India in talks for 50% stake in $3.4 billion Kenya oilfield, Chinese firm enters fray

India's flagship overseas oil firm ONGC Videsh has got a new partner in Oil India Ltd to replace a reluctant IndianOil (IOC) for the pot...

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