Friday, 14 December 2012

Indian oil firms focus on foreign oil fields

The state run ONGC Videsh has agreed to pay about $5 billion for 8.4% of the Kashagan field in Kazakhstan, the world's largest oilfield discovery in four decades - which could boost its output by about 16% within a year. This deal is primarily in the scenario where the oil companies are faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions. Indian oil companies are hungry for deals like ONGC's Kashagan buy that promise

ONGC Videsh kashagan oil field, oil foreign assets, Kashagan field Indian, ONGC videsh Kashagan deal

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