Oil & Natural Gas Corporation (ONGC) and GAIL are planning to acquire an 8.4% stake in the Kashagan oil field, The Wall Street Journal reports, citing Hindustan Times. The companies have placed a bid worth $5 billion for the stake.

The stake is being sold Exxon Mobil, which owns a total of 16.8% stake in the Kazakhstan oil field. KazMunaiGas, Royal Dutch Shell, ExxonMobil, Total and Eni each hold a 16.81% stake in Kashagan, while ConocoPhillips and Japan’s Inpex hold 8.4% and 7.56%, respectively.

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