The Reuters news agency reported today from India that major oil and gas producer, Oil and Natural Gas Corp expects group turnover to more than double to $50 billion and above by 2012 and sees overseas acquisitions as a key growth driver, its chairman said on Thursday.
Oil and Natural Gas Corp Videsh, state-run Oil and Natural Gas Corp's overseas investment arm, has a presence in 29 oil and gas projects spread over 15 countries and is spearheading India's quest for securing energy security through overseas equity oil.
"We intend to strengthen ONGC Videsh and intensify further acquisition endeavors for future growth. The overseas oil and gas assets will substantially contribute in revenue stream," Chairman and Managing Director R.S. Sharma told Reuters in an interview.
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