Govt okays ONGC Videsh's overseas investment

According to newswires, petroleum minister, Mani Shankar Aiyar told Parliament that the government has empowered the board of  state-run ONGC Videsh Ltd. to invest up to $75 million in overseas oil and  natural gas exploration projects without seeking federal Cabinet's approval. 
  
Aiyar said, "The ONGC board has been authorized to take decisions on projects involving investment up to $75 million." 

Earlier, the ONGC board could invest up to $50 million in overseas projects without Cabinet approval. 

ONGC Videsh is a wholly-owned overseas exploration unit of the country's largest petroleum exploration firm Oil & Natural Gas Corp. ONGC is also India's largest firm by market capitalization. ONGC Videsh has previously bought stakes in upstream ventures in Iraq, Russia, Vietnam, Iran, Syria, Libya, Myanmar, Australia, Ivory Coast, Sudan, Egypt and Qatar to supplement domestically produced oil and gas due to rising local demand. 

India's overall crude oil production has stagnated over the past two years
at around 33.2 million metric tonnes a year. India's gas output, at about 80
million cubic meters a day, meets only 70% of domestic demand. 

India imports around 70% of its crude requirements. The domestic
consumption of petroleum products in the country is currently estimated around 112 million tonnes a year.