ONGC Videsh eyes energy assets in US; Oil India close to buying Africa asset
July 2, 2013
MUMBAI: After Kazakhstan, Azerbaijan and Mozambique, ONGC Videsh (OVL) and Oil India (OIL) have set their sights on acquiring new oil and gas assets in the US and Africa.
OVL is evaluating Chesapeake Energy's oil and gas assets. Chesapeake, which is the second largest natural gas producer in the US, had put its oil and gas assets on the block in February last year to raise up to $11.5 billion and reduce debt. Its most significant asset is the Permian Basin oilfields in Texas, which is the largest oil-producing area in the US.