ONGC eyes $50 bln plus group turnover by 2012

India's top oil and gas producer, Oil and Natural Gas Corp (ONGC), aims to more than double group turnover to $50 billion and above by 2012 and sees overseas acquisitions as a key growth driver, its chairman said on Thursday.

ONGC Videsh, state-run ONGC's overseas investment arm, has a presence in 29 oil and gas projects spread over 15 countries and is spearheading India's quest for securing energy security through overseas equity oil.

"We intend to strengthen ONGC Videsh and intensify further acquisition endeavours for future growth. The overseas oil and gas assets will substantially contribute in revenue stream," Chairman and Managing Director R.S. Sharma told Reuters in an interview.

"With the Indian economy on the roll and strength displayed by the Indian currency against the U.S. dollar, which is likely to sustain, I am optimistic that ONGC Group shall not only reach but overshoot the $50 billion turnover target by 2012," Sharma said.

ONGC's group companies include refiner Mangalore Refinery and Petrochemicals Ltd and two joint venture firms with Mittal Investments, part of a group that includes Arcelor Mittal, the world's top steel maker.

Sharma said ONGC Videsh was facing challenges while shopping overseas due to high oil prices.

"With oil prices rising, oil and gas properties across the world are under pressure," he said.

ONGC's gas finds in the Krishna Godavari basin off India's east coast and fields in an adjoining area have been expected to yield 12-15 million cubic metres per day of gas by 2012/13.

"We have submitted the field development plan for east coast discoveries to the DGH (director general of hydrocarbons) yesterday and volumes are more than what we had said earlier," Sharma said.