Indian Oil and Natural Gas Corporation (ONGC) plans to invest a total Rs 1,100 crore (US$180bn) in acquisitions, to take on Chinese rivals and to increase foreign hydrocarbon production sevenfold by 2030. The group aims to raise its oil and gas production overseas from 8.5 Mtoe in 2013 to 60 Mtoe by 2030, to boost its domestic supply. It aims to build up its presence in the CIS, in Africa (Angola, Nigeria) and in America (US, Canada and Latin America). ONGC, which invested about US$7bn since mid-2013 to acquire assets in Mozambique or Brazil, suffered setbacks from Chinese companies in the last few years. In 2013, Kazakhstan blocked the US$5bn bid by ONGC Videsh Ltd (OVL, ONGC's foreign arm) to acquire an 8.4% stake in the Kashagan oil field from ConocoPhillips, pre-empting the stake and selling it to CNPC (China). In 2005, India had already lost a US$4.18bn deal to buy PetroKazakhstan to China.