"We have bid for EnCana oilfields," he said. ONGC Videsh Ltd, the company's foreign arm, has bid for assets, which include the Canadian's stake in the Amazon blocks 14, 17 and Tarapoa, with combined output of 66,891 barrels of oil per day.

OVL is pitched against PetroChina for the EnCana assets and is believed to have made a better offer than the Chinese company.

Raha, however, refused to divulge details of the bid. OVL has shown a long-term interest in the Latin American country and has offered to buy a stake directly or with others in oil concessions controlled by the government.

Industry pundits said EnCana assets are worth about $1.5 billion and OVL has put in slightly more than the stated amount.

ONGC is seeking overseas petroleum assets as its domestic output has declined and no large fields have been discovered recently in India, which imports 70 per cent of its crude oil requirements.

OVL has operations in 10 countries including Vietnam, Russia, Sudan, Iran, Iraq, Libya, Myanmar and Australia, and has the backing of the oil ministry, which wants the company to spend at least $1 billion a year to acquire foreign operations.