India's globetrotter

OVL has been spreading its international wings, a strategy that has so far yielded mixed results

Energy-hungry India, unblessed with the hydrocarbon riches of other developing economies and yet to see the fruits of a campaign to rejuvenate its own upstream, is looking further afield to secure its energy supplies. India imports more than 82% of the crude oil it needs—around 3.78m barrels a day, according to the International Energy Agency. Production is just under 0.9m b/d. So the imperative is plain. Undeterred by weak global oil prices, ONGC Videsh Limited (OVL), the overseas investment arm of the government controlled Oil and Natural Gas Corporation (ONGC), is leading the charge. This fiscal year, it will spend $150m in exploration, drilling more wells in Colombia, where it just made