Petroleum Minister Dharmendra Pradhan has said India should aggressively scout for acquisitions globally, capitalising on the opportunity arising from low oil prices.
State-owned ONGC Videsh recently agreed a deal with Russia’s Rosneft to acquire a 15% stake in its oil-producing subsidiary Vankorneft for $1.25 billion, signalling a renewed interest in Russia after a lull of more than five years.
However, India’s domestic exploration sector is going through a downturn.
