Royal Dutch Shell has offered India’s state-run Oil & Natural Gas Corporation (ONGC) a 33% stake in an exploration field off Egypt, Indian media reported today.
The Times of India newspaper said ONGC Videsh, the company’s overseas exploration arm, had entered into a "confidentiality clause" with Shell and was awaiting the Indian federal government’s permission to proceed with the deal.
ONGC Videsh plans to invest as much as $380 million on appraisal and exploration in the field, which is estimated to hold up to 15 trillion cubic feet of natural gas reserves, the report said, adding that production from the field is expected to start around 2012.

(Upstream Online)