India's OVL Eyes Stake in Israel's Leviathan Gas Field

ONGC Videsh (OVL), overseas arm of Indian state owned energy company ONGC, is eyeing a stake Leviathan gas project off Israel’s Mediterranean coast, according to local newspaper Financial Express.

“OVL would like to participate in the Leviathan fields and other blocks offered for farm-in in Levantine basin in Israeli waters. Since India has been importing crude oil from West Asian countries such as Iran, Iraq, Kuwait and Saudi Arabia, opportunities in Israel were not pursued so far,” an official told the financial newspaper.

OVL managing director NK Verma refused to comment on buying stake in Israel’s Leviathan gas project. Verma, however, said the explorer is continuously scouting for prolific assets in several geographies, Financial Express reported.