The head of the India's state-owned Oil and Natural Gas Corp. (ONGC) said on Tuesday that the company was in talks with parties in Egypt, Qatar and Australia to import at least five million tons of Liquefied Natural Gas (LNG) annually.

In a post-AGM press conference, ONGC Chairman and Managing Director R S Sharma said the company plans to import up to 10 million metric tons of LNG a year once its petrochemical plants at Mangalore and Dahej are ready.

Natural gas, the emerging fuel of the decade, and its derivatives have huge business potential, he said. Keeping this in view, your company is aggressively pursuing LNG opportunities. Sharma said ONGC plans to bid for stakes in oil fields in Cuba and Kazakhstan to meet India's growing energy needs.

Sharma also told shareholders on Tuesday that the company will seek to engage with oil companies abroad to explore for oil and gas.

India, the third largest consumer of oil in Asia, currently imports 70 per cent of its oil consumption.