(ET)
ONGC Videsh has turned its focus to buying stakes in overseas oil and gas assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday.
Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, have been negotiating with Iran for development rights of Farzad B gas field since its discovery in 2008. “We have been extremely flexible in our dealing with Iran and hoped that Farzad will add to our output target but the deal is not yet finalised. In the meantime we are looking for producing assets elsewhere to boost our output,” N.K. Verma told Reuters.
ONGC Videsh is targeting production of 60 million tonnes of oil and gas by 2030 from 12.80 million tonnes in 2016/17. Verma listed Africa, Central Asia and Latin America as preferred regions for acquiring producing assets.
