India's OVL to Push for Shale Gas Investment

ONGC Videsh (OVL) is expected to explore for unconventional energy resources like oil sands, shale gas and liquids, company’s director (exploration) Narendra K Verma said in a statement posted on the firm’s website.

“Optimal mix of conventional and newly emergent unconventional hydrocarbon resources like oil sands, shale gas and liquids has to be pursued to provide a cost effective portfolio spread,” Verma said.

OVL has been looking to acquire equity stake in oil sands projects in Canada and expects to invest up to $4 billion.

“Prices of unconventional hydrocarbon assets is on rise due to intense competition and enhanced profitability from these resources, “ Verma said.

He has succeeded Joeman Thomas as OVL 's head of exploration. Thomas retired in December 2011.

“It will be prudent to pursue targeted investments for acquisition of unconventional oil and gas assets that have very high reserve-production ratio,“ Verma explained.