OVL keen to partner UAE firm in acquiring foreign oil assets

State-run explorer ONGC's foreign arm ONGC Videsh Ltd (OVL) is keen to partner United Arab Emirates firm Mubadala in upstream projects in third countries, Petroleum Minister M. Veerappa Moily Monday told visiting UAE Energy Minister Suhail Mohammed Al Mazrouei here.

"OVL would be keen to partner Mubadala in jointly pursuing exploration and production (E&P) assets in third countries," Moily told the UAE minister in a bilateral meeting at the Petrotech 2014 international oil and gas conference, said a petroleum ministry statement.

Mubadala is an investment and development company.

"The visiting minister showed keen interest in the proposal and asked that both the companies should soon meet to arrive at specific focus countries," the official statement added.

Pointing out the UAE is looking for raising rate of recovery from their existing fields, Al Mazrouei also said that Indian companies may participate in the future exploration and production opportunities.

A delegation from OVL met Abu Dhabi National Oil Company (ADNOC) officials in UAE in June last year, who informed that they have shortlisted companies for consideration in the onshore license renewals during 2014.

Moily conveyed to the UAE minister that OVL may be considered for participation in the offshore license renewals coming up this year, a petroleum ministry source said.