Oil & Natural Gas Corp. (ONGC), India's largest energy exploration firm, reportedly missed out in a bid to acquire Exxon Mobil's 25% stake in an Angolan oil field, Bloomberg News reported, citing people familiar with the talks. ONGC reportedly offered $2 billion for the Exxon stake.
Texas-based Exxon (XOM), the largest U.S. oil company, has been looking to sell various international assets over the past several years. Other partners in the Angola block include BP (BP) and Total (TOT), Europe's second- and third-largest oil companies, respectively.
At the behest of India's government, ONGC and rival Oil India have been shopping for global energy assets to meet the country's soaring energy demands, but have found stiff competition for those purchases in the form of Chinese oil majors, which have been among the world's most voracious buyers of energy assets.
Angola, an OPEC that competes with Nigeria for the top spot among Africa's oil producing countries, pumped 590 million barrels of oil from January to November, Bloomberg reported.