Deals
ONGC in Talks to Spend at Least $1 Billion on U.S. Shale
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Oil & Natural Gas Corp., India’s biggest energy explorer, is close to an agreement to buy its first shale gas asset in the U.S. and plans to spend at least $1 billion on purchases.
“A deal could be done very soon,” D.K. Sarraf, managing director of its ONGC Videsh Ltd. overseas unit, said in an interview at his office in New Delhi yesterday. “We’re in various stages of discussions for a number of properties. Shale gas production in the U.S. has been a revolution.”