To Mongolia for unexplored oil and gas
Mongolia is the latest destination on the horizon of ONGC Videsh.
On 23rd January ONGC Videsh managing director Atul Chandra signed an MoU in New Delhi with O.Davaasambu, chairman of the state-owned Petroleum Authority of Mongolia.
Chandra reckons Mongolia has only "moderate prospectivity." Mongolia however, wants India to begin exploration, train personnel and set up mini-refineries. "Mongolia is a scantily explored country with roughly half the landmass of India." Why the sudden interest in this landlocked nation of goat herders A recent discovery by a US company, which apparently discovered 500m barrels of in-place oil.