ONGC to Spend Billions on Overseas O&G Assets
NEW DELHI (Dow Jones), Feb. 15, 2010
Oil & Natural Gas Corp., India's national flagship oil company, may invest between $25 billion and $30 billion over the next decade to buy and develop oil and gas assets overseas as it seeks to secure crude oil supplies for the world's second-fastest growing major economy, its chairman said.
The investment is aimed at helping the oil explorer to reach its target of sourcing 20 million metric tons of oil and oil-equivalent gas from overseas assets by 2020, R.S. Sharma told Dow Jones Newswires over the weekend.
ONGC Videsh, the overseas unit of ONGC, is scouting assets in West Africa, Russia and countries in the former Soviet Union, as well as in South America, Sharma said.
ONGC, which has cash reserves of $3 billion, will borrow funds for acquisitions and asset development, he said.
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