India's ONGC Keen on Participating in Transnational Pipeline Projects

Indian state owned energy company Oil and Natural Gas Co (ONGC) is keen to tap opportunities in the direct transportation of hydrocarbons from Russia and Central Asia to India.

Looking for a larger role in the global oil and gas scene, ONGC wants to participate in transnational hydrocarbons pipeline projects, BusinessLine newspaper said in a report on Sunday.

“Our team is working with Rosneft to look for real opportunities in exploration. The process of zeroing down on an asset will start now. But the more important thing that will happen is direct transportation of hydrocarbons from there to India… it could be a pipeline from Russia, Kazakhstan to India,” DK Sarraf, Chairman and Managing Director, ONGC, told BusinessLine.

According to Sarraf, the ideal situation would be to have a stake in an exploration and production asset, coupled with a transportation network that will bring fuel to the country.

As per the newspaper report, this is in sync with the next five year’s goal set by the India’s Ministry for Petroleum & Natural Gas.

The Ministry, in its presentation to the Prime Minister Narendra Modi, has proposed a target of at least one transnational pipeline to bring gas from Iran, Oman or Central Asia, stated BusinessLine.