"For meeting the short-term 2018 target we would like to aggressively go for producing assets because you can't acquire an exploration block and then make it produce in such a short time," Sarraf said in a telephone interview.
Global oil prices hit a four-year low at below $83 a barrel earlier this month, hitting valuations of oil explorers.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
The government, which is preparing to float a $3 billion stake in ONGC, wants state firms to secure energy assets abroad to reduce the exposure of Asia's third-largest economy to supply risks.
(Reporting by Nidhi Verma)
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