ONGC, the country’s largest state-owned oil company, and Hungarian oil major MOL are production opportunities in third countries.“We are exploring the option to expand ONGC’s relationship with MOL for pursuing overseas opportunities,” an ONGC official involved in talks with MOL told ET. If talks fructify, the two companies could consider joint bids for a few oil and gas blocks coming up for grabs in the markets in central and eastern Europe, CIS countries and the Middle East. MOL, Hungary’s largest oil company with a considerable presence in Central Europe, the Middle East and CIS countries, is in the process of picking up a 35% stake in ONGC’s onshore exploration block in Himachal Pradesh.

companies completing all formalities and the Details of expanding the scope of the present discussed during a recent visit of a Ficci-led Indian business delegation to Hungary. A MOL official told ET in Budapest that the company would take a decision to expand its partnership with ONGC after completing its investments in the Himachal Pradesh block. It makes sense for ONGC to partner MOL as it would get it access to certain E&P opportunities in Central and Eastern Europe where the company has limited presence. The markets in CIS, Middle East and North Africa could also be used by ONGC to make its own investments. ONGC could also hope to participate in MOL’s operational ventures in countries like Kazakhstan, Russia, Yemen, Angola, Egypt and Syria. MOL is a fully integrated oil company with presence in oil exploration, refining and retailing activities in domestic and overseas markets. The group’s 2008 revenues were in excess of 13 billion Euros. “ONGC could gain a lot from MOL’s experience as it could supplement its own efforts to get oil and gas acreage in overseas markets,” said the ONGC official.

ONGC Videsh OVL has got 33 oil exploration blocks across the world. It operates 21 of the 38 oil and gas blocks in which it owns a stake. Its recent prized buy has been £1.4 billion acquisition of Imperial Energy.