ONGC's Iran Investment May Hit US Shale Acquisitions
State-owned Oil and Natural Gas Corp’s plan to acquire shale gas and other hydrocarbon assets in US may be hit because of its investment in Iran and Sudan.
"We are present in Iran and Sudan. Because of this there are restrictions. We are trying to find ways to circumvent that," ONGC Chairman and Managing Director Sudhir Vasudeva told reporters, Press trust of India said.
ONGC Videsh Ltd, the firm's overseas investment arm, has zeroed-in on at least couple of shale gas properties in US but has not been able to close the deal due to its investment in countries that Washington has imposed economic sanctions on.
OVL has invested in oil and gas fields in four countries high on US sanction list -- Iran, Myanmar, Syria and Sudan. Of these, its investments in Iran are the ones that is stalling closure of any shale gas deal, PTI said.