ONGC Videsh likely to buy stakes in Tullow Oil's assets

offshore ghana-strocchi flickrSources familiar with the matter revealed that ONGC Videsh plans to buy Tullow Oil's assets in Ghana and Kenya. (Image source: EnricoStrocchi/Flickr)Indian oil company ONGC Videsh is seeking to purchase a stake in the assets of African exploration company Tullow Oil

According to a Reuters report, the overseas investment subsidiary of Oil and Natural Gas Corp (ONGC) is actively looking for oil in assets belonging to Tullow Oil, such as Ghana and Kenya.

India is the fourth largest consumer of oil and imports 80 per cent of its crude. ONGC Videsh hopes to procure 400,000 bpd of crude from markets outside India by 2018, added the report.

In October 2014, DK Sarraf, chairman and managing director of ONGC had stated that the company is keen to exceed its crude imports from 167,000 bpd, which was produced from overseas holdings in the fiscal year to March 2014.

ONGC already has assets in Libya, Sudan and Mozambique, and company officials revealed that it plans to expand in the continent.

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