ONGC may invest up to $20bn for overseas assets

Dahej: Providing clear hints that it is likely to make top drawer investments in its core upstream exploration and drilling businesses, domestic hydrocarbon exploration and production (E&P) major, Oil and Natural Gas Corporation Ltd (ONGC), has said that the company is prepared to invest up to $20 billion (Rs90,000 crore) over the next ten years for acquisition of oil and gas assets abroad.

 ''We have not yet set aside a chest for overseas acquisitions but, given its net worth at $19 billion, ONGC has the capacity to borrow up to $20 billion for its overseas operations without going to the capital market,'' said RS Sharma, chairman and managing director, ONGC.

The public sector undertaking has already made international investments worth $10 billion so far, including its single biggest one, worth $5 billion, at Sakhalin-1 in Russia.

Sharma also said many of ONGC's global assets were already generating revenue.

ONGC has hydrocarbons assets in Kazakhstan, Russia, Angola, Nigeria, Sudan, Syria, Venezuela, Cuba, Brazil, Columbia, Vietnam and Myanmar, among others.

Sharma arrived at Dahej to review the progress of its upcoming joint venture ONGC Petro-additions Ltd (OPaL).