ONGC pitches for Canada investment in India

Vol 19, PW 18 (19 May 16) Exploration & Production

Canadian companies have a long history of investing in India's oil and gas sector and the two countries also have a strong trade relationship.

Perhaps this explains why ONGC is wooing Canada to invest in 12 upcoming large scale projects. Former ONGC director onshore Ashok Varma ran a webinar on May 4 titled 'The next big opportunities in India's oil & gas sector' jointly organised by the Canadian Trade Commissioner Service and the provincial government of Alberta.

As the former head of OVL's Russian subsidiary Imperial Energy and its West Siberian operations for three years, Varma has considerable international experience in some of the harshest environments. Among ONGC projects he offered up to Canadian investors during the hour-long webinar were Mumbai High North redevelopment Phase-III, Mumbai High South redevelopment Phase-III, additional development of Vasai, integrated development of Daman, integrated development of Mukta, Bassein and Panna, the Pipeline Replacement Project-IV, S1-Vashishtha, G-4, 98/2, western offshore, Nagayalanka, Madanam and Gamij.

"These are big projects and need FDI (Foreign Direct Investment)," said Varma. He also invited Canadian participation when the oil ministry auctions marginal fields on May 25 and during the much-awaited NELP-X round, expected later this year.

He added that ONGC is ready to hold a roadshow in Canada and that Indian state-owned companies would attend the Global Petroleum Show in Calgary from June 7 to 9.