ONGC Videsh (OVL) Ltd, the overseas exploration arm of India’s Oil and Natural Gas Corp, is looking for exploration and production investment opportunities in Africa and Latin America, such as in Ghana and Surinam.
It’s better to invest in bigger hot spots where you can get larger discoveries… Africa and Latin America still hold a lot of potential. Ghana is there, Suriname is there, all of the continental shelf. Brazil is also an interesting proposition.
OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases, including exploration, development, production and pipelines.
OVL’s crude and gas output will decline from 12.5 million tonnes in 2021/22 due to lower production in Russia’s Sakhalin 1 project, in which ONGC has a stake.