New Delhi, June 27: Cairn Energy of UK has offered to sell its stake in two oil and gas blocks in the Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in the state-run firm's two blocks. Cairn has offered to sell its 85 per cent stake in blocks KG-DWN-98/2 and KG-OS/6 for $100 million and a 15 per cent interest in two blocks which ONGC won under the New Exploration Licensing Policy (NELP) rounds, ONGC sources said.
Rejecting ONGC's about $200 million non-binding bid for its two KG basin blocks and CB-OS/2 block in Cambay basin, the Scottish explorer gave ONGC time till July 15 to respond to its offer.
Cairn, however, has decided to withdraw CB-OS/2 block, where 5 oil and gas discoveries have been made to date, from its offer for sale.
Bureau Report