OVL's $5-bn Kashagan stake buy pushes ONGC up 1.4%

ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC ), will buy 8.4-percent stake from Concophillips in North Caspian production sharing agreement or Kashagan for USD 5 billion. The transaction subject to approvals is expected to be completed in the first half of next year.

The company's chairman and managing director confirmed it will begin the process of seeking the Cabinet nod for the deal. "After the ECS recommends this for approval by CCEA, Conoco-Phillips will take it up with its consortium partners. There are procedures and the minutes will be made at the ECS meeting, a CCEA note will have to be prepared and circulated. All of this will take its due course of diligence and time," said Sudhir Vasudeva, chairman, ONGC.

At 10:50 hrs, the Oil and Natural Gas Corporation was quoting at Rs 253.55, up Rs 3.60, or 1.44 percent. It has touched an intraday high of Rs 254.00 and an intraday low of Rs 250.60. 

It was trading with volumes of 91,386 shares, compared to its five day average of 146,086 shares, a decrease of -37.44 percent. In the previous trading session, the share closed down 0.46 percent or Rs 1.15 at Rs 249.95.

The share touched its 52-week high Rs 303.90 and 52-week low Rs 245.75 on 22 February, 2012 and 23 May, 2012, respectively.

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