@Cairn_India Limited ventured out of India and bought its first asset in a deep-sea gas discovery block on the west coast of South Africa.
The company bought 60% stake in the 19922 sq.km Block 1 in Orange Basin and has signed a farm-in agreement with South African national oil firm Petroleum Oil and Gas Corporation of South Africa Ltd (PetroSA).
ONGC is planning to sell 26% stake in its KG-DWN-2004/6 block in the KG - basin to Japanese Inpex Corporation, according to BS. Inpex Corporation being a global player will provide technological support for exploration and drilling of blocks.
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