ONGC eyes Latin America, Africa assets in growth push

State-run Oil and Natural Gas Corp is pushing to strengthen its presence in Africa and Latin America but is less interested in Canadian oil sands for now, according to the state-run company's chairman R S Sharma.

                     ONGC, which recently won exploration rights for a major project in Venezuela through a tie-up with Spain's Repsol, is also looking for overseas opportunities in Russia and elsewhere in the former Soviet Union.

Sharma said it is citing Latin America and Africa, where it has been expanding its presence, as targets for further growth. Investing in Canada's oil sands was not a priority for now given the logistical and environmental challenges associated with extracting energy there.