ONGC looks to Latin America

MUMBAI, Aug. 14 (UPI) -- Oil and Natural Gas Corp. Ltd., the Indian oil company, said it is looking for partners to acquire the Argentinean division of Spanish giant Repsol.

Insiders at ONGC told The Financial Times it was looking for a partner in a $17 billion bid to acquire Repsol YPF.

Fiscal Petroleum Fields, known by its Spanish acronym YPF, was a state-owned oil company privatized in 1991 and then bought by Repsol.

The acquisition effort comes on the heels of a push by Repsol to dump its stake in the company to the China National Petroleum Corp.

Repsol hopes to reduce its exposure in Latin America while ONGC Videsh, the foreign division of the oil company, looks to increase its international presence.

India expects to produce only 25 percent of its domestic energy needs by 2020. The YPF deal could contribute to a planned increase in its foreign energy holdings by as much as 10 percent per year.