New Delhi, Sept. 28: State-run Oil and Natural Gas Corporation (ONGC) is planning to partner Kuwaiti oil firms to bid for oil and gas exploration blocks in India and abroad.

ONGC will be the preferred partner of Kuwaiti firms if they bid for oil and gas assets in the next round of auctions in India, which are from October 15.

“In case they bid, they will bid with us,” ONGC chairman R. S. Sharma said after a meeting with Kuwait’s oil minister Sheikh Ahmad al-Abdullah al-Sabah. Sharma also said Kuwait had shown interest in bidding for acreages outside India with ONGC.

At present, Kuwait Energy and ONGC are in the race for Iraq’s major gas fields, for which bids are expected in October. Analysts said a greater global alliance between ONGC and Kuwaiti firms could help in both snapping assets abroad.

Kuwait is believed to be interested in acquiring stakes in ONGC’s two joint venture petrochemical projects — ONGC Petro additions Ltd and ONGC Mangalore Petrochemicals.

“They (Kuwait) are looking for opportunities in India and these opportunities have been offered to them,” Sharma said.