Oil and Natural Gas Corporation's (ONGC) overseas arm -- ONGC Videsh (OVL) -- will bid in an upcoming auction to explore and develop gas fields off the coast of Lebanon. OVL is among several companies prequalified to bid for offshore exploration and production licenses from the Middle Eastern nation.
The bidding process for offshore blocks 1, 4, 8, 9 and 10, three of which border Israeli waters, was postponed for years because of political paralysis in Lebanon until the formation of a new government late last year.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.