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ONGC eyes Latin America, Africa assets

ONGC eyes Latin America, Africa assets
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First Published: Wed, Feb 24 2010. 07 16 PM IST
Updated: Wed, Feb 24 2010. 07 16 PM IST
New Delhi: State-run Oil and Natural Gas Corp (ONGC) is pushing to strengthen its presence in Africa and Latin America but is less interested in Canadian oil sands for now, its chairman said.
ONGC, which recently won exploration rights for a major project in Venezuela through a tie-up with Spain’s Repsol, is also looking for overseas opportunities in Russia and elsewhere in the former Soviet Union, RS Sharma said in an interview on Wednesday.
“We would like to have a more balanced portfolio,” Sharma said, citing Latin America and Africa, where it has been expanding its presence, as targets for further growth.
Sharma said investing in Canada’s oil sands was not a priority for now given the logistical and environmental challenges associated with extracting energy there.
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First Published: Wed, Feb 24 2010. 07 16 PM IST