India`s ONGC in talks to restart Libya operations, expand in Venezuela
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
India's Oil and Natural Gas Corp is in talks to restart its operations in Libya and to increase production in Venezuela, a company executive said on Friday.
"Once it gets started for Oil India, same applies to us. We are also in the same pact with National Oil Corporation of Libya," Sushma Rawat, director of exploration with ONGC said.
Earlier this week, Reuters reported that Oil India is talks with stakeholders to restart drilling in Libya, 13 years after the company exited the country due to political instability.
ONGC and Oil India both pulled staff out of Libya in 2011.
ONGC is also in talks to increase production in Venezuela, Rawat told reporters on the sidelines of India Energy Week event in Goa.
Oil India, too, is in talks with operators to ramp up oil production in the South American nation, Reuters had reported this week.
The United States had granted sanctions relief for OPEC member Venezuela in October last year in recognition of a deal for elections this year.
However, on Jan. 29 the country began reinstating sanctions on Venezuela.
Rawat also said the company will start drilling in Andaman Islands by the end of the year and Cauvery Delta in South India by this month or March.
The official also said the company needs tax rebates and cost benefits when it goes for exploration in difficult regions.
