"We are aggressively looking for a lot of good property from where we can bring crude oil into India," Sunil Kumar Srivastava, Chairman and Managing Director (CMD) of OIL, said.
"The government of India is very supportive of our overseas ventures. They are encouraging us to go global to help reduce energy import volumes," he said.
"The more oil and gas we bring into the country, it would help reduce the country's energy import bill," he said on the sideline of the Singapore International Energy Week.
India imports about 75 per cent of its crude oil and 30 percent of its natural gas requirements a year.
Among its major ventures abroad, OIL has invested USD 900 million on four per cent farm-in stake in offshore Mozambique.
OIL and ONGC Videsh Limited (OVL) had announced a 10 percent farm-in acquisition with Mozambique in January this year.
The company operates in 11 overseas countries and produces small quantities of hydrocarbon in the United States, Venezuela and Russia.
Srivastava, along with B C Tripathi, CMD of Gas Authority of India Limited (GAIL) and Nishi Vasudeva, Hindustan Petroleum's CMD were among the eight nominees for Platts Asia CEO of Year award which went to Chengyu Fu, Chairman of China Petrochemical Corporation (Sinopec Group).

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