ONGC in talks with Chevron, Total, Shell for block swaps

New Delhi, June 25 (UNI) State-run Oil and Natural Gas Corporation (ONGC) today said it was in talks with Chevron Corporation, Total and Royal Dutch Shell to swap oil block stakes.

''The company is talking to Chevron, Total and Shell for equity swap with their blocks,'' ONGC's director exploration D K Pande told reporters in a conference.

The company made a total of 22 discoveries in the fiscal 2006-07 including nine new prospects (three deepwater, one shallow water, five Onshore) and 13 new pools.

It produced 0.49 MMt crude oil and 22.6 MMSCM gas from marginal fields in the year.

ONGC also holds 165 marginal fields, out of which 44 are already being monetised, 90 are under monetisation and 31 are to be monetised.

UNI