It is reported that ONGC and Mittal Investment’s JV ONGC Mittal Energy Ltd is close to acquiring Oman Oil Company's 7 % stake in the Caspian Pipeline Consortium for about USD 200 million subject to agreement with other partners of the consortium.

Caspian Pipeline Consortium comprises of ExxonMobil, BP, Royal Dutch Shell, LUKOIL and Rosneft as partners. CPC was commissioned in 2001 and pumps 700,000 barrels of oil per day from Kazakhstan's oil fields to Russia's largest Black Sea port Novorossiysk for re export to world markets.

ONGC and Mittal Investment formed OMEL to scout for oil and gas assets across 21 countries including Kazakhstan, Turkmenistan, Azerbaijan and Indonesia. Last year the company won exploration rights for 2 Nigerian blocks and is eyeing an offshore block in Trinidad & Tobago. It is also expected to buy a 25 % stake in Kazakhstan's Satpayev block.