September 5, 2018 / 5:16 PM / 21 days ago

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

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.

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

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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