Companies

Oil India to exit Russian oil block

Our Bureau New Delhi | Updated on July 03, 2019 Published on July 03, 2019

Oil India Ltd (OIL) is exiting Project License-61 in Russia, but a decision has not been taken on whether to exit the shale asset in the US.

“OIL has initiated the sale process of Project License-61 in Russia. The performance of the asset has not been as expected,” Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said in response to a query on the same in the Rajya Sabha.

“No decision has been taken on OIL’s asset in the US,” Pradhan added.

Pradhan also said OIL had called back its executives from Venezuela because there was a significant reduction in project activities due to security reasons. He said one OIL executive has now been deputed back to Venezuela.

Published on July 03, 2019
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