GAIL (India) Limited And Oil & Natural Gas Corporation Limited Working On Buying Stake in Exxon Mobil Corporation's Oil Field-WSJ

The Wall Street Journal reported that is working on plans to buy Exxon Mobil Corporation's stake in Kazakhstan's Kashagan oil field. The Hindustan Times newspaper reported on Wednesday a consortium of India's Oil & Natural Gas Corporation Limited and GAIL is planning to buy an 8.4% stake in the Kashagan oil field from Exxon Mobil for about $5 billion. The consortium, led by Oil & Natural Gas Corp. unit ONGC Videsh Ltd., has submitted a non-binding bid to Exxon Mobil to buy about half of its 16.8% stake in the oil field, which is located in Kazakhstan's Caspian Sea territory.