ONGC group reportedly eyes Advent stake; owners deny

ONGC group reportedly eyes Advent stake; owners deny

Mumbai/Melbourne: A consortium of Indian state-run energy firms led by Oil and Natural Gas Corp is in talks to buy a 25% stake in Australia’s Advent Energy for about $1 billion, the Economic Times reported on Wednesday, although Advent’s co-owners denied the report.

ONGC along with Oil India and Gail India are looking to tap the natural gas reserves of Advent through the acquisition, the newspaper reported, citing people with direct knowledge of the talks.

The co-owners of Advent Energy, an unlisted oil and gas exploration company, said the report was incorrect.

“Commentary in the media in India on formal discussions between Advent Energy Ltd and a consortium of Indian state-run energy firms, regarding talks to acquire a 25 percent stake in Advent for $1 billion, is incorrect," MEC Resources, BPH Corporate and Grandbridge Ltd said in separate statements.

Officials at ONGC and Oil India declined to comment, while Gail officials could not immediately be reached by Reuters for comment.

Advent Energy has large gas reserves including one block in the Sydney basin that has an estimated 13.2 trillion cubic feet of natural gas, the Economic Times said.