For Quick Alerts
For Daily Alerts

ONGC eying integration of domestic, overseas exploration activities

By Religare

ONGC eying integration of domestic, overseas exploration
State-owned energy major ONGC is targeting combining its overseas and domestic oil and gas exploration work in a synergistic manner.

At present, the company's overseas exploration activities are undertaken through its foreign arm ONGC Videsh Limited (OVL).

"We are still working out the details, which will be submitted before the company's board," said Narendra Kumar Verma, ONGC Director (Exploration).

Integration of domestic and overseas exploration activities may not only lead to a reduction in costs but also enable ONGC and OVL to reap the benefits from each other's technical skills, domain knowledge, international quality benchmarking and global technological innovations.

"For ONGC, it (OVL) provides a growth engine, whereas for OVL, it (ONGC) provides required balance sheet, technical strength and strong national oil company brand for business development overseas", Narendra Kumar added.

Kumar ruled out the prospect of hiving off OVL into a separate entity.

Read more about: ongc
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more