ONGC rejects British Gas offer

By P K Hari | 28 Nov 2001

1

Mumbai: The deal by British Gas to buy 30 per cent equity stake in the Panna Mukta Tapti oil and gas fields has run into trouble.

On 27 November 2001, ONGC rejected British Gass $388-million offer in lieu of which the UK company wanted the corporation to withdraw its claim for operatorship rights of the field.

British Gas has put sole operatorship as a precondition for going ahead with the deal for buying Enrons stake in the three-way joint venture. The venture also has ONGC and Reliance as 40 per cent and 30 per cent stakeholders respectively.

After the board meeting, ONGC said in a statement: "The board has noted that the British Gas offer is not sufficiently responsive for ONGC to agree to accept the British company as operator of Enron."

British Gas had earlier offered ONGC equity in its exploration acreage in Brazil and a settlement in the cash-all dispute in lieu of the operatorship rights. But ONGC evidently disliked the offer.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers