ONGC to reconsider govt demand to list overseas unit

By Reuters

  • 02 Jan 2019
Credit: VCCircle

India’s Oil and Natural Gas Corp Ltd will reconsider the government’s demand that it list ONGC Videsh Ltd, its overseas exploration subsidiary, Shashi Shanker, chairman and managing director of the company said on Wednesday.

The company has some reservations about the listing of ONGC Videsh and has conveyed this to the government, Shanker told reporters at an event in New Delhi.

The government in August had asked India’s biggest state-owned oil company to list its subsidiary as part of a drive to sell state-assets to raise funds.

ONGC Videsh has stakes in 41 oil and gas assets in 20 countries and in the last fiscal year produced oil equivalent to 26.2 percent of India’s local output.

The company, fully owned by ONGC, produced 11 percent more oil at 9.35 million tonnes in the last fiscal year while its gas output rose by about 10 percent to 4.81 billion cubic metres.