Other stories: World’s 10 largest oilfield technology companies | World’s 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009’s winners and losers in the oil industry |Â 10 events in oil’s history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies |Â World’s 10 largest oilfield services companies | World’s 10 largest oil and gas contractors
The Indian state-owned company Oil and Natural Gas Corporation (ONGC) is set to buy back a 15% stake in a gas field off the coast of India from Brazil’s Petrobras and sell it on to either Shell or BP.
The Times of India reported that Petrobras is selling its stake in order to find the funds necessary for the development of the Tupi field which lies off Brazil’s coast. Both BP and Shell have expressed interest in buying the stake in the KG-DWN-98/2, which is next to the Reliance gas field.
The Anglo-Dutch giant Shell is believed to be the favourite for the stake as it can offer its floating liquefied natural gas technology to the field. BP woiuld op[t for the more conventional subsea pipes.
The discoveries made at the field are estimated to hold reserves of between five trillion and 15 trillion cubic feet of gas. The other two partners in the joint venture are Cairn of India and Norway’s Statoil.
Gas is expected to be pumped from the field from 2013 and overall output from the project is expected to be 25 million cubic metres a day.
