making plans: in India
Oil India goes shopping
State-run explorer Oil India has set aside $2 billion for overseas acquisitions, chairman NM Borah told reporters today.
Bigger rival Oil & Natural Gas Corporation (ONGC) has spearheaded India's hunt for foreign petroleum assets, often competing with Chinese companies, but smaller players such as Oil India and refiners like Indian Oil Corporation (IOC) are also scouting for assets, Reuters reported.
"We are currently doing due diligence for two to three assets," Borah said.
He said in May that the company was looking at acquiring stakes in fields in Burma and Bangladesh.
The company has acquired stakes in exploration blocks in Libya, Gabon, Iran, Nigeria and Yemen.
Earlier this year Oil India and IOC submitted a preliminary approach to acquire Syrian-focused oil explorer Gulfsands Petroleum.
India, Asia's third-largest oil consumer, has encouraged state companies to look for oil and gas fields abroad to secure supplies for its rapidly expanding economy
