Oil India Boosts War Chest as Company Plans to Acquire More Upstream Assets

Apart from these three producing countries, OIL is prospecting for hydrocarbon resources in Gabon, Nigeria, Libya, Mozambique, Myanmar, Bangladesh, Sudan and Yemen. The managing director added that the Indian petroleum firm was seeking more concessions in some of the world’s major hydrocarbon basins.

“We are aggressively looking for a lot of good property from where we can import crude oil into India,” he said.

“The government of India is very supportive of our overseas ventures. They are encouraging us to go global to help reduce energy import volumes,” Srivastava said on the sidelines of 2014 Platts Top 250 Global Energy Company Rankings dinner held during Singapore International Energy Week late last month.

“The more oil and gas we bring into the country, [the more] it would help reduce the country’s energy import bill,” he said.

Oil imports cover 75 percent and gas 30 percent of annual hydrocarbon energy demand in India.

“As a national oil company it is our prime duty to supplement national energy security both through exploration and production in India and overseas,” the OIL chief stressed.

“In this larger scheme for energy security, we are looking inward and also outward. We have exploration and production concessions in 10 countries,” he said.


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