Cairn open to buying ONGC's 30% stake - Business Standard

Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation (ONGC) owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.

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ONGC had earlier asked the government for permission to relinquish its stake in the Rajasthan block saying the royalty burden and the development cost it would have to bear would make its investment in the project unviable. Selling the stake would not, however, address the key problem that ONGC faces, which is the burden of royalty payment it has to bear as the nominated licensee to the block. This is because ONGC gained the stake under a provision that is distinct from a licensee obligation. The government nominated the state-owned exploration company as the licensee for the block in 1995.

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