Financial Express: ONGC Videsh eyes stake in Israel’s Leviathan gas project
ONGC Videsh (OVL) is eyeing a stake in the prolific Leviathan gas project off Israel’s Mediterranean coast, in what could mark the entry of the state-run firm into the Western Asian nation.
“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,” said an official.
The government-owned company, which has operations in 16 countries and invested over $22 billion till March 31, 2014, has sought guidance from the petroleum ministry to pursue exploration and production (E&P) investments in Israel.