MUMBAI, April 7 The LN Mittal group will exit
an oil and gas exploration project it was developing with
India's state-run Oil & Natural Gas Corp (ONGC.BO) in Trinidad
and Tobago, the Economic Times reported on Tuesday.
An ONGC spokesman confirmed the Mittal group's planned exit
from the block.
"The project was in the appraisal stage. This is one such
case where nothing has been done yet and nothing has been
decided on the share of parties," the spokesman told Reuters.
ONGC Mittal Energy Ltd holds a 65 percent interest in the
NCMA-2 block in Trinidad and Tobago, the paper said.
"We have carried out a thorough analysis of the Trinidad
project in view of the impact the current economic situation is
having on the oil and gas industry, and do not believe it is
prudent to continue at this time," Mittal Investments told the
paper in an email.
(Reporting by Ami Shah; Editing by John Mair)