It is learnt that ONGC (Q,N,C,F)* Videsh (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC) has joined the race to buy a 30% stake in Jubilee oil fields in Ghana from the US-based Kosmos Energy, reports Economic Times.

OVL has initiated the due diligence process and is expected to put in a formal bid this month.

OVL has visited the data room that Kosmos Energy opened for potential bidders.

OVL is likely to team up with a foreign company to put in a bid, which could be in the range of USD 3-4 billion.

Shares of Oil & Natural Gas Corporation closed up Rs 5.7, or 0.58%, at Rs 992.05. The total volume of shares traded at the BSE was 165,878 (Monday).