INDIA GOES HEAD TO HEAD WITH INTERNATIONAL COMPETITORS IN THE REALM OF PETROLEUM ACQUISITIONS

BY RAGHAVENDRA VERMA, IN NEW DELHI WHILE the Indian government is pushing its public sector oil companies to acquire oil and gas fields overseas to help ensure reliable supplies for future, a shortage of funds - along with stiff competition from Chinese companies - has resulted in limited success. This September, ONGC Videsh Limited (OVL), a fully-owned subsidiary of India's Oil and Natural Gas Corporation Limited, announced a USD1 billion investment in Azerbaijan's oil and gas fields. This secured a 2.7% stake in Azerbaijan's Caspian Sea Azeri, Chirag and the ...


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