The company already has a presence in both continents through stakes in projects in Mozambique, Brazil and Venezuela among others. "It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Some of the hydrocarbon assets in Africa and Latin America hold large volumes, he said, adding his company is also looking for assets in southeast Asia and Middle East. OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases, including exploration, development, producing and pipelines. Gupta said current production at Sakhalin 1 is about 150,000 barrels per day and the production would rise to 200,000 bpd by June.

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