India's ONGC on the Hunt for Overseas Producing Assets
NEW DELHI, Oct 27 (Reuters) – India's Oil and Natural Gas Corp wants to take advantage of falling oil prices to more than double its overseas output to the equivalent of 400,000 barrels per day of oil by 2018, Chairman D.K. Sarraf told Reuters on Monday.
"For meeting the short-term 2018 target we would like to aggressively go for producing assets because you can't acquire an exploration block and then make it produce in such a short time," Sarraf said in a telephone interview.
Global oil prices hit a four-year low at below $83 a barrel earlier this month, hitting valuations of oil explorers.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
The Indian government, which is preparing to float a $3 billion stake in ONGC, wants state firms to secure energy assets abroad to reduce the exposure of Asia's third-largest economy to supply risks.
(Reporting by Nidhi Verma; Editing by Douglas Busvine)
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