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Oil India Ltd to invest $150 m for overseas ventures
Our Bureau
Mumbai
,
Jan. 11
OIL India Ltd (OIL) would be investing $150 million for overseas exploration and production activities in the coming fiscal.
The company is likely to get an oil block in Nigeria, said Mr S.K. Patra, Director-Exploration, OIL. Mr Patra was speaking to the media at the Oceantex 2006, an international oil and natural gas conference here on Wednesday.
The company has already acquired two blocks in Libya, with an investment of $ 40 million. One block in Gabon (West Africa) has been acquired with an investment of $ 15 million, Mr Patra said.
"OIL bid for Nigerian blocks is the second highest among all the bidders. But, the highest bidder, a Canadian company is reluctant to pay the signature bonus, which is obligatory condition for acquiring the block. Therefore we are hopeful in getting the deal," Mr Patra said.
These new ventures by OIL and other oil PSUs such as ONGC is a part of the country's new strategy to secure its hydrocarbon future. OIL is one of the oldest exploration firms in the country, with a significant presence in the north-east India. For foreign bids the company has joint ventures with ONGC Videsh Ltd and Indian Oil Corporation Ltd.
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