ONGC exploring oil blocks in Angola and Brazil
ONGC is exploring the options to pick up blocks in Angola and Brazil, Director, Exploration D K Pandey said.
By PTI |
AHMEDABAD: Oil and Natural Gas Corporation (ONGC) is exploring the options to pick up blocks in Angola and Brazil, Director, Exploration D K Pandey said on Saturday.
ONGC Videsh Limited (OVL) Board has set a target of crossing 10 million tonnes of equity oil production abroad, in the next couple of years against the equity oil production of an estimated 8 million tonne approximately currently, ONGC sources said.
In the next couple of years, ONGC is projected to pick up oil blocks in African and Latin American sub-continent, to ramp up its production capacity overseas through its arm-OVL. Targets at OVL for the same have also been set, sources said.
In a joint venture ONGC has already tied up for two oil blocks in Venezuela, in June this year, and we are now further exploring the options overseas, ONGC sources said.
Regarding discoveries in India, Pandey told reporters "Rajasthan is a coming up area."
"During the explorations in Jaisalmer adjoining the Pakistan border we have found huge gas, and the oil block of Barmer in Rajasthan discovered in collaboration with Cairns energy makes the state all the more promising now," sources said.
"ONGC has 30 per cent stake in the oil block at Barmer," they added.
ONGC Videsh Limited (OVL) Board has set a target of crossing 10 million tonnes of equity oil production abroad, in the next couple of years against the equity oil production of an estimated 8 million tonne approximately currently, ONGC sources said.
In the next couple of years, ONGC is projected to pick up oil blocks in African and Latin American sub-continent, to ramp up its production capacity overseas through its arm-OVL. Targets at OVL for the same have also been set, sources said.
In a joint venture ONGC has already tied up for two oil blocks in Venezuela, in June this year, and we are now further exploring the options overseas, ONGC sources said.
Regarding discoveries in India, Pandey told reporters "Rajasthan is a coming up area."
"During the explorations in Jaisalmer adjoining the Pakistan border we have found huge gas, and the oil block of Barmer in Rajasthan discovered in collaboration with Cairns energy makes the state all the more promising now," sources said.
ADVERTISEMENT
"ONGC has 30 per cent stake in the oil block at Barmer," they added.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
