Oil & Natural Gas Corp., India’s biggest energy producer, plans to discuss “specific opportunities” with executives from National Iranian Oil Co. next week, said Chairman and Managing Director R.S. Sharma.
“In import-dependent countries like ours, we have to see where are the future sources of energy supplies,” Sharma said in an interview in his office in New Delhi. “Iran, they have the second-largest crude oil and gas reserves and they are not very well exploited.”
India is competing with countries including China and South Korea for natural resources overseas as output from domestic fields declines and requirements increase in the world’s second- fastest growing major economy. Domestic demand for oil may grow at as much as 4 percent in 2010, Sharma said. ONGC’s plans to develop projects in Iran have been delayed by the ongoing attempts to halt the Middle Eastern nation’s nuclear program.
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