State run explorer ONGC has denied media reports that it had signed a memorandum of understanding with ConocoPhillips for selling stakes in oil and gas blocks.

An ONGC spokeswoman told media that "We are denying this. The discussions are at a very nascent stage.”

Earlier on Tuesday, certain media reports had quoted unnamed sources as saying that ConocoPhillips had signed a memorandum of understanding to buy stakes in multiple blocks of ONGC

Simultaneously, there are media reports which say that ONGC is very close to signing a deal ConocoPhillips for joint exploration in 19 deepwater oil and gas blocks, besides undertaking shale gas exploration opportunities in India and abroad.

ConocoPhillips is the third-largest integrated energy company in the US and the fifth largest refiner in the world.

Reports also suggest that under the proposed deal, ONGC had offered 19 of its deepwater oil and gas exploration blocks in the Krishna Godavari basin to ConocoPhillips for joint exploration.

(Sourced from www.moneycontrol.com)