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India's ONGC Plans Return to Libya and Venezuelan Production Boost

OIL

India’s ONGC is in talks to restart operations in Libya and increase production in Venezuela according to Sushma Rawat, director of exploration for the company.

  • Reuters reported earlier this week that ONGC intends to return to Libya 13 years after exiting due to political uncertainty.
  • Libya is pushing for further oil development in the country under plans to boost production capacity above 2mn bpd in the next 3-5 years, up from 1.2mn bpd currently.
  • On Venezuelan plans, it is not clear how the potential reimposed US energy sanctions from April could impact ONGC’s production increase plans there.

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