Oil & Natural Gas Corporation Ltd.

ONGC Videsh (OVL), the overseas investment arm of public sector exploration major ONGC, is reportedly in talks with international players to set up a crude oil trading vertical overseas. The company has proposed to set up this vertical once it has sizeable hydrocarbon volumes to sell.

From its 14 producing assets OVL has produced 4.137 million tonnes of oil and 2.558 billion cubic metre of gas for the first nine months of fiscal 2016, which was close to the same period previous fiscal (4.144 mt of oil and 2.419 bcm of gas).

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.