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India’s ONGC in talks for Cuban oilfields
NEW DELHI — India’s state-run Oil and Natural Gas Corp (ONGC) is in talks to acquire two Cuban oilfields, the Indian foreign ministry said.
The issue is on the agenda of India’s junior foreign minister, Rao Inderjit Singh, who will travel to Cuba and Venezuela next week along with a business delegation, according to a foreign ministry statement. Officials of ONGC Videsh Ltd. (OVL), the overseas subsidiary of the state-run exploration firm, will accompany the minister, it said. “ONGC Videsh Ltd. is negotiating with the Cuban government for the acquisition of two oilfields. OVL is also acquiring a 30 per cent share in 10 oilfields being explored by the Spanish company Repsol,” it said. “The Venezuelan government has already offered an oilfield to OVL.” ONGC officials were not immediately available for comment.
The Indian government is encouraging ONGC to bid for foreign petroleum assets as domestic output has declined and energy demand from Asia’s third-largest economy is expected to grow rapidly. ONGC is under pressure to bid aggressively for foreign oil projects after China’s CNPC outbid its Indian rival in the race to acquire Petrokazakhstan, a Canadian-listed company that operates in Central Asia. Asian oil firms have spent billions of dollars on projects around the world, including in countries such as Sudan that are off-limits to oil majors, and picked up scraps hived off by cost-cutting Western oil companies. India, which imports 70 per cent of its crude oil requirement, has stakes in projects in several countries including Myanmar, Sudan, Russia, Libya and Australia.
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