ONGC on the hunt for overseas producing assets

Global oil prices hit a four-year low at below USD USD 83 a barrel earlier this month , hitting valuations of oil explorers.

Oil and Natural Gas Corp  wants to take advantage of falling oil prices to more than double its overseas output to the equivalent of 400,000 barrels per day of oil by 2018, Chairman DK Sarraf told Reuters on Monday.

"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 USD 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 USD 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.

ONGC stock price

On October 27, 2014, at 14:10 hrs Oil and Natural Gas Corporation was quoting at Rs 398.15, down Rs 5.35, or 1.33 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 263.30.

The company's trailing 12-month (TTM) EPS was at Rs 26.72 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.9. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.49.

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