ONGC To Acquire Shell''s 33% Stake In Egypt

ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), plans to acquire Royal Dutch/Shell''s 33 per cent stake in a deep-sea gas field off Egypt for $160 million and bring the fuel in liquefied form (LNG) to India.Code-named ''Project Wonder'', the North East Mediterranean Deepwater Concession in the Egypt Mediterranean Sea, has Shell as operator with 100 per cent stake and is estimated to hold close to 10 Trillion cubic feet of gas reserves.