ONGC eyes stake in Encana, Yukos

State-run Oil and Natural Gas Corp is in the race for picking up Canadian firm EnCana's stake in a cluster of oil fields in Ecuador and is also talking to Russia for picking up stake in assets of oil major Yukos.

"We have bid (for EnCana oil fields)," ONGC chairman and managing director Subir Raha said in New Delhi.

ONGC Videsh Ltd, the company's foreign arm, has bid for the assets, which include the Canadian firm's stake in the Amazon blocks 14, 17 and Tarapoa, with combined output of 66,891 barrels of oil per day.

OVL is pitched against PetroChina for the EnCana assets and is believed to have made a better offer than the Chinese company.

Raha, however, refused to divulge details of the bid. "As we understand from reports, there are three companies in the race, one of them being a western oil company," he said.

On Yukos, he said "we are in touch with the concerned Russian entities." He refused to elaborate. Officials indicated that ONGC was eyeing 10-15 per cent stake in Yuganskneftegaz (Yugansk), the main production unit of Yukos.

"ONGC has an agreement with Rosneft (which acquired Yugansk) and it may farm into one of the oil fields of Yugansk," a senior official said.

Russia had stated that Yugansk assets would be spun off into a new state company that would possibly bring in Chinese investment.