India State-owned petroleum Eyeing Stakes In Petroleum Fields in Burma ( New Delhi ) Dow Jones


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India State-owned petroleum Eyeing Stakes In Petroleum Fields in Burma

NEW DELHI (Dow Jones)

India State-owned petroleum exploration firm Oil & Natural Gas Corp. (P.ONG) plans to buy stakes in petroleum fields in Burma, Iran, Iraq, Kazakhstan and the U.S. through its wholly owned overseas exploration arm ONGC Videsh Ltd., reports the Economic Times.

"We are negotiating with oil exploring companies in those countries for acquiring oil stakes in them. The negotiations are in an advanced stage," the report quotes Petroleum and Natural Gas Minister Ram Naik as saying.

The objective is to ensure India's energy security, Naik says in the report.

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