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ONGC eyes 20 mn tonnes foreign oil by 2020

The Financial Express.gif

Indian Oil and Natural Gas Corp is stepping up its plans to acquire 20 million tonnes of foreign oil and oil equivalent gas production by 2020, an Oil Ministry report said on Wednesday.

ONGC's overseas investment arm, ONGC Videsh Ltd (OVL), produced about 6.62 million tonnes of oil and oil equivalent gas in 2005-06 from its assets in Sudan, Vietnam and Russia.

ONGC Videsh was planning to bring the first 2 cargoes of crude oil of 700,000 barrels each from Sakhalin 1 project in Russia to India. ONGC has a 20 per cent stake in Sakhalin 1 project.

ONGC Videsh owns oil and gas assets in 15 countries.

© The Financial Express

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