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ONGC for large acquisitions & tie-ups to double output by 2030

Last Updated: Friday, May 17, 2013 - 21:47

Kolkata: State-owned energy major Oil and Natural Gas Corporation (ONGC) Friday said it is open to large-ticket acquisitions and technical tie-ups to double production by 2030.

"This is all broad-based. We plan to double our production by 2030 and to do so we have to go for large-ticket acquisition and technical collaboration. We are talking to many companies," ONGC Chairman and Managing Director Sudhir Vasudeva said here Friday when asked about possible tie-up with global oil and gas major Anglo-Dutch multinational Royal Dutch Shell.

Vasudeva did not rule out possible joint venture and tie-ups with Shell, but said talks were at a very preliminary stage.

Speaking at a seminar on shale gas at the Bengal Chamber, he said: "If mind and synergy meets then there will be JV."

When asked whether ONGC was ready to offer stake to Shell Vasudeva said, "Of course, if they are interested we will take them."

"Yes," he said when asked if ONGC was in talks.

There have been reports that ONGC was looking to form a strategic alliance with Shell for upstream and downstream operations.

If a deal was signed, it would mark the re-entry of Shell in India after a gap of 16 years, following the sale of its Rajasthan assets to Cairn.

Asked whether ONGC realisation would be impacted during the quarter if gas price was not revised, Vasudeva said that in a regime when subsidies were being reduced, realisation of the company was unlikely to decline.


First Published: Friday, May 17, 2013 - 21:47
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