At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
The company has been in talks with ConocoPhillips and Shell for some time. It now says the MoD's stringent norms on exploration in 'no-go' areas is posing a big challenge in taking the deal forward.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
ONGCt has made another significant oil and gas discovery in its Krishna Godavari basin.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Pradhan said a team of officials of state-run Indian Oil Corporation had visited Vietnam and explored some business ventures
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
ONGC must tackle several issues first only then it can turnaround its fortunes.
Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
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