Oil & Natural Gas Corp. (ONGC), India's biggest energy producer will hold a meeting with National Iranian Oil Co. to discuss "specific opportunities" in Iran.

"In import-dependent countries like ours, we have to see where are the future sources of energy supplies," R.S. Sharma, Chairman and Managing Director of ONGC told Bloomberg on Wednesday.

"Iran, they have the second-largest crude oil and gas reserves and they are not very well exploited," he stated.

India is the world's second- fastest growing major economy and according to Sharma its domestic demand for oil may grow as much as 4 percent in 2010.

"We have to see where we have comparatively easier access [to energy sources]," Sharma said.

"Being a national oil company, we can leverage our position to get access to these opportunities," he added.

MGH/SS/RE