Oil & Natural Gas Corporation Ltd.

In a move to expand its presence in the LatAm region, ONGC’s overseas arm, ONGC Videsh has inked an agreement with Petro Amazonas Ecuador to take up exploration activities in the country. Discussion for oil exploration and operation deal were going on for quite some time as  government of Ecuador sought more investments from the Indian companies in various sectors, including defence, pharmaceuticals, petrochemicals, food processing, oil refineries and IT.

OVL, over last three consecutive years, is witnessing a constant decline in oil and gas production due to geo-political conflicts in Sudan and Syria. Although the production from Sudan has resumed, this year the company is not expecting the output to go up significantly. Nevertheless, with Carabobo and Myanmar coming into production the company is hopeful of meeting its perspective targets. The company is aiming to achieve 20 mt production by 2017-18.