ONGC Videsh Ltd (OVL) hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms.

However, metal stocks are still reeling under pressure thus capping the upside.

In a brief statement in Arabic, Aramco said: "The attempted fraud has been foiled and did not have any financial impact on either the two companies or on trading relations between them."

In a communication to employees, RIL said it has “scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the (boundaries of its) KG-D6 Block” in the Krishna-Godavari basin.

Minister of Oil Dr Ali Saleh Al-Omair, who inaugurated the ONGCBSE 1.45 % pavilion on October 12, showed keen interest in India's oil and gas sector, Indian embassy in Kuwait said.

The fraud was committed on the promise that the company making the payment would not notice a minor change in the e-mail address of the ONGC representative, with whom they had been communicating.

Officials said the issue was complex and the oil ministry will consider various points raised by Reliance and ONGC as well as the report of consultancy DeGolyer and Mac-Naughton (D&M), appointed to assess ONGC's allegation that RIL stole the state firm's gas, to find a way to resolve the dispute.

This means, at an average gas price of $4.2/mBtu and exchange rate of Rs 60 against a dollar, RIL drilled gas costing Rs Rs 8000-9000 crore that belonged to ONGC, say two analysts.