IndianOil eyes overseas buys
New Delhi   07-May-2008
The Government today said IndianOil is eyeing acquisition of additional oil assets overseas jointly with state-run Oil India Ltd. "IndianOil, along with Oil India, is scouting for developed/producing properties a broad through asset/company acquisition," the Minister of State for Petroleum and Natural Gas, Mr Dinsha Patel, informed Rajya Sabha in a written reply today. He said IndianOil already holds interest in overseas exploration projects in Iran, Libya, Gabon, Yemen and Nigeria. The Minister said IndianOil's overseas assets are yet to begin hydrocarbon production. Mr Patel said the assets could yield 1.6-mt crude oil for IndianOil by 2011-12. IndianOil and Oil India are planning to float a special purpose vehicle for acquiring overseas oil and gas assets.