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Petrobras to exit ONGC block, Shell keen to get in

Press Trust of India

New Delhi, Jan 3 (PTI) Brazil’s Petrobras had decided to quit Oil and Natural Gas Corp’s (ONGC) prolific gas discovery block in the Krishna Godavari basin, a vacancy that Royal Dutch/Shell and BP Plc are keen to fill-in.

Petroleo Brasileiro SA or Petrobras, Brazil’s state- controlled oil firm, wants to offload its 15 per cent stake in KG-DWN-98/2 to ONGC as it wants to concentrate on developing massive oil and gas finds back home, a top official said.

The vacancy may not last long as Shell and BP Plc have expressed interest in taking the stake in the block that sits next to Reliance Industries’ giant KG-DWN-98/3 or KG-D6 block off the east coast.

Shell has offered technology to convert natural gas into liquid (liquefied natural gas) at a floating offshore facility at the deepsea and then transporting the fuel in ships to the shore.

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