ONGC is reportedly planning to expand its footprint in the Russian market. The company eyeing the same, as supply of crude oil in the global market exceeds demand by around 1.2 million barrels per day.
Recently, the company had inked a preliminary agreement to take an operating stake in Gujarat government firm Gujarat State Petroleum Corp (GSPC)’s KG basin gas block.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.
