ONGC Videsh to double investment in Africa in next 3-4 years

We are willing to invest in both upstream and downstream projects, but there is a need to resolve the prevalent challenges to spur investment growth, Verma said at the India-Africa Business Forum.

ONGC Videsh Ltd. (OVL), the overseas investment subsidiary of ONGC, aims to double its investment in Africa over the next three-four years, Managing Director N.K. Verma has been quoted as saying.

“ONGC Videsh has invested around US$8 billion in Africa so far. We aim to double this over the next three-four years. We are willing to invest in both upstream and downstream projects, but there is a need to resolve the prevalent challenges to spur investment growth,” Verma said at the India-Africa Business Forum.

OVL is currently scouting for oil & gas opportunities in Angola, Algeria and Equatorial Guinea.

The company holds interests in oil & gas assets in Mozambique, Libya, Sudan and South Sudan.

“We need adequate compensation to invest in Africa, due to the low oil prices and geographical risks,” Verma said.