ONGC, Oil India in talks for 50% stake in $3.4 bn Kenya oilfield, Chinese firm enters fray
ONGC Videsh, India's flagship overseas oil firm, has teamed up with Oil India to replace IndianOil for the potential acquisition of a 50% stake in Tullow Oil's $3.4bn oilfield project in Kenya, according to insiders. But, their joint effort faces competition from Chinese energy giant, Sinopec, which reportedly entered the purchasing race because of the delay by the Indian negotiators.