The Oil and Natural Gas Corporation along with steel tycoon LN Mittal has bid for acquiring oil and gas company Petrokazakhstan in Kazakhstan.
ONGC and the Mittal group had floated two joint venture companies on July 23 to target oil and gas opportunities in central Asian countries and Africa.
The main aim ONGC was to capitalise on the steel giant's "goodwill" in countries like Kazakhstan to bag mega deals like Petrokazakhstan, officials of the state-run oil firm said.
ONGC, India's largest oil producer, holds 49.98 per cent stake in both the joint venture companies, while LN Mittal, who till now was focussed only on the global steel business, would have a 48.02 per cent equity. The remaining 2 per cent would be with ICICI.
ONGC Mittal Energy Ltd, a joint venture between ONGC Videsh Ltd-the overseas arm of ONGC and Mittal Investments Sarl, would focus on the acquisition of oil and gas firms and exploration of businesses.
The other company, ONGC Mittal Energy Services Ltd, would look at related businesses like refining, petrochemicals, pipelines, LNG, shipping and energy trading.
Meanwhile, President A P J Abdul Kalam on Sunday called on ONGC to diversify into renewable energy sector in order to realise its goal of becoming a global energy giant.
"To meet the 50 per cent oil needs, you have to go to the route of renewable energy, apart from your further exploration of deep sea oil resources and enhancement of recovery factor. ONGC must consider that it is in the broader business of energy and not merely oil and gas exploration. This will enable it to enter into renewable energy routes such as bio-fuel production and development of solar energy," Kalam said at a golden jubilee function of ONGC in Dehra Dun.
Stating that there has been a successful experiment on bio-fuel, the President said the time is apt for the states and Centre to come out with a policy that provides answers to all problems of farmers, financial institutions and entrepreneurs keen to set up fully integrated bio-diesel plants using jatropha seeds from the plantation to production of bio-diesel, by-products and their marketing.
"It is said that a number of foreign consultants have shown interest in taking up jatropha plantation and commissioning of plants in different areas of the country. I would recommend ONGC take the lead and enable establishment of model bio-diesel plants with the inputs of Jatropha coming from different parts of the country. ONGC can also undertake research in collaboration with Indian Institute of Petroleum and automobile industry for progressive increase of bio-fuel percentage in blending," he said.
Ultimate aim should be to find engines, which can run on bio-fuel alone. This will enable to work for a target of realizing at least 30 million tonnes of bio-fuels within the next decade. The second area where ONGC can enter in a big way is harnessing of solar energy," he said.
Meanwhile, ONGC officials said the company has restored 10 per cent of the oil output at its oil facility in Mumbai High and will bring back 70 per cent of the lost output by this month-end.
Mumbai High North Plaftorm was processing about 38,000 barrels per day crude when it was gutted in a fire late last month. The remaining lost ouptut was being processed at a neighbouring platform called NQO.