ENRON OIL & GAS AGREES DEAL WITH TATA

Vol 3, PW 8 (12 May 99) News in Brief
     

Petrowatch can exclusively reveal that Enron has reached agreement with Tata Petrodyne for a stake in the latters two concessions in the Cambay basin and at the PY-3 oilfield.

Details are still unclear, but it is believed Tata has been in talks with several companies for the past six months, as reported in the last issue of Petrowatch. Last week, Enron submitted an application to the Foreign Investment Promotion Board, signalling its intention to aggressively pursue upstream opportunities in India, including farm-ins, exploration, joint operating contracts and upstream financing.

Speculation is now rife that Enron Corporation may decide to retain its upstream India assets if the sale of Enron Oil & Gas goes through.