September 5, 2018 / 5:16 PM / 7 months ago

ONGC Videsh adopts 'wait and watch' policy on Iran investment

Oil and Natural Gas Corp's (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, India, March 16, 2016. REUTERS/Amit Dave/File Photo

NEW DELHI (Reuters) - ONGC Videsh has adopted a ‘wait and watch’ policy on investment in Iran’s gas field, the company’s co-managing director said.

The company sees South Sudan project’s oil output rising to 20,000 barrels per day (bpd) of oil by end 2018 from 7,000-8,000 bpd now.

ONGC Videsh sees gas production for Mozambique project in 2022, and hopes to invest $1 billion in existing project in 2018/19.

ONGC Videsh has received government communications to list the company.

Reporting by Nidhi Verma; Editing by Mark Potter

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