ONGC May Be Outbid On Angola Block

By ERIC YEP

State run Oil & Natural Gas Corp. may lose the chance to buy Exxon Mobil Corp.'s stake in an exploration block in Angola due to a higher bid from a competitor, the company's chairman said Tuesday.
"We had participated in the bid," said A.K. Hazarika told Dow Jones Newswires. "It is likely that we haven't won. Looks like someone else may have bid more."
Mr. Hazarika said ONGC had bid about $2.1 billion for the stake. He declined to say which company or companies may have bid higher than ONGC.
ONGC Videsh Ltd., the overseas investment arm of the company, had submitted a binding bid to acquire a 25% stake in an ultra-deep oil block in Angola, the Indian government said in December.
BP PLC is the operator of the block and holds a 26.7% stake.
Write to Eric Yep at eric.yep@dowjones.com