India's Oil & Natural Gas Corp. formed ONGC Videsh Ltd. (OVL) more than 10 years ago for exploration and development outside India.
Yet no project OVL has been involved in has struck oil. Fiscal year 1998-99 is expected to be a watershed for OVL: its exploration target in that period is 6 million metric tons of equity oil.
OVL has exploration assets in Algeria, Australia, Azerbaijan, Kazakh- stan, Iraq, and Sudan and hopes to acquire new interests in the U.S., Russia, and Sudan.
Atul Chandra, managing director of OVL, said, "Any oil company that wants to grow must find new reserves at least equal to its production. First, i...