ONGC Videsh (OVL) and Oil India is looking to acquire new oil and gas assets in the US and Africa. This was after a deal in the Kazakhstan, Azerbaijan and Mozambique oil and gas fields.

OVL evaluated the oil and gas assets of Chesapeake Energy, the second biggest natural gas producer in the US. The company has set its oil and gas assets on the block last February 2012. The company aimed to raise US$11.5 billion to reduce its debt. Chesapeake's most significant asset is the Permian Basin oilfields in Texas. This is the second biggest producer area of oil in the US.

An ONGC senior executive confirmed the development and stated that the state owned companies targeted 11% of growth yearly. The growth is expected for overall global E&P portfolio. The portfolio is expected to increase by six folds overseas in the next three years.

Chesapeake declined to comment with regards to the said report.

On the other hand, Oil India is nearing acquisition in another gas asset in Africa. The deal was said to have a US$200 million value according to a senior executive in the company. The acquisition was said to be formally announced by end of July as the company is in its final stages of discussions, said senior executive.