ONGC's foreign arm had agreed to buy firm's stake in Kashagan field for $5 bn

US-based ConocoPhillips is in talks with state-run Oil and Natural Gas Corporation ( ONGC) to pick stake in more than one of its ultra-deep-water blocks. A senior executive from ONGC said ConocoPhillips, US’s third largest energy giant, had examined 19 of its blocks and would shortly decide the ones it planned to pick a stake in.