Mumbai: As many overseas oil and gas assets have become low-hanging fruit following the massive crash in crude prices, Oil Minister Dharmendra Pradhan on Friday said the government wants state-run oil companies to buy up assets abroad, particularly in Latin America.
"We are looking at buying oil and gas assets aboard. I see increased engagement in the Latin American region," Pradhan said here without offering any details.
The country imports four-fifth of its oil needs, making it the fourth-biggest oil consumer in the world. In 2013-14 oil import bill stood at around USD 150 billion, and this is expected to double to USD 300 billion by 2030, according to industry estimate.
Recently, Prime Minister Narendra Modi had set a target of 10 percent reduction in oil imports by 2022 and a 50 percent cut by 2030.
Pradhan said ONGC will be investing around Rs 1,200 crore in capex to increase production from the Bombay High and other western oil fields.
It can be noted that after dipping for seven years, the output of ONGC, which produces 59 percent of the country's production, inched up in 2014-15 to 22.263 million tonne, up from 22.247 mt in 2013-14.
This was the first increase in production since 2007-08 when the slump started.
ONGC has been under critical scrutiny since the BJP government took office last year and the oil ministry has been monitoring its performance every month.
