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Oil and Natural Gas Corporation Ltd In Talks To Buy Shale Gas Assets In US, Canada-Business Standard

Wednesday, 29 Aug 2012 08:46am EDT 

Business Standard reported that Oil and Natural Gas Corp is in talks to buy shale gas assets in US and Canada but the firm's Iran investments are impeding closure of the deals. ONGC Videsh Ltd, the firm's overseas investment arm, has zeroed-in on at least couple of shale gas properties in US but has not been able to close the deal due to its investment in countries that Washnigton has imposed economic sanctions on. OVL has invested in oil and gas fields in four countries high on US sanction list - Iran, Myanmar, Syria and Sudan. Of these, its investments in Iran are the ones that is stalling closure of any shale gas deal.