ONGC in talks to buy oil projects worth $15 bn

ONGC is in talks to acquire foreign gas and oil assets worth $15 billion.

Oil and Natural Gas Corporation is in talks to acquire oil properties abroad worth 15 billion dollars, company Chairman Subir Raha said on Friday.

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"We are engaged in several transactions and if they all materialise it will be worth over 15 billion dollars," Raha said.

ONGC will invest over Rs 14,000 crore in domestic operations next fiscal as against Rs 12,000 crore invested in the current year, Raha said. The PSU will also bring to production India's first deep water gas field in April-May.

Initial production from G1 and GS15 fields in Bay of Bengal would be about 1 million standard cubic metres per day and full production of 2 million standard cubic metres per day would be reached pre-monsoon in 2007.