Financial Express: Iran is a Changed Story Now

The government wants India’s crude oil imports, which stood at 189.43 million tonnes, worth $112.74 billion, in FY15, to be reduced by 10% by 2022 and make it half by 2030. In order to achieve this ambitious target, ONGC Videsh Ltd (OVL), the overseas subsidiary of ONGC, would have to play a pivotal role. OVL, which has so far invested more than $23.6 billion in hydrocarbon assets overseas, has 36 projects in 17 countries under its ambit. Of this, 13 are producing projects, another four are at development stage, while exploration programme are going on in 17. The state-owned firm contributes nearly 14% to India’s oil and 12% of natural gas production. In the past two-and-a-half years, OVL has made new acquisitions to the tune of $ 4 billion. On August 1, Sudhir Sharma took over as director (exploration) of ONGC Videsh. Sharma, who was previously country manager and legal representative for OVL in Colombia, has a challenging road ahead to ramp up the output at existing projects and at the same time expand the explorer’s portfolio. MORE