ONGC and Oil India in Talks for 50% Stake in Kenya Oilfield Project Worth $3.4B.

ONGC and Oil India are presently discussing with Tullow Oil to secure a 50% stake in Kenya oilfield project, estimated value to be approx $3.4b. The project's main objective involves developing 4 oil blocks in the Lokichar Basin, which holds an estimated 560 million barrels of recoverable oil. But, the Indian companies are rivalry to CNOOC, as they have also been enthusiastic about the project.