What progress ONGC is making in acquiring oil and gas assets abroad?
This is something we keep trying. At any given point of time, there are five to 10 transactions we are looking at. Both OVL (ONGC Videsh Ltd) and OMEL (OVL Mittal Energy Ltd), its joint venture with L N Mittal, are making efforts to get assets overseas. We are not always in a position to talk about it for reasons of maintaining confidentiality. Is it likely that India may still get a stake in PetroKazakh? No, we are not pursuing it for now. We had outbid Chinas CNPC, but the Chinese were allowed to revise their bid later to $ 4.18 billion. Its important to consider the cost of the asset you are trying to get is it worth it? But we are looking at other prospects in Kazakhstan. I cant specify which other assets, but we have not lost hopes there. OMEL is also looking at other countries in Central Asia, Far East and Africa. Should Indian oil firms pull in their resources to increase the chance of being successful against competing nations such as China in bagging energy assets abroad? I do
