New Delhi: A government panel has approved India’s state-run Oil and Natural Gas Corp’s $3 billion bid to buy Russia-focused oil firm Imperial Energy Corp Plc, the Business Standard reported, without citing any sources.
The Indian explorer has submitted an initial bid of $2.96 billion for Imperial Energy that has proven possible reserves of 920 million barrels of oil equivalent, the newspaper said on Thursday, quoting unidentified investment banking sources.
ONGC chairman R.S. Sharma declined to comment on the report.
The newspaper also said that ONGC had already spoken to the Russian authorities and had recieved a favourable response. ONGC currently own 20% stake in Russia’s Sakhalin I project.