NEW DELHI: State-run energy explorer Oil India plans to spend about $1 billion in acquiring oil and gas producing blocks abroad in next couple of years.
OIL Q4 net rises 30% to Rs 564 Crore - Economic Times
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NEW DELHI: State-run energy explorer Oil India plans to spend about $1 billion in acquiring oil and gas producing blocks abroad in next couple of years. "We are looking at assets in Venezuela , southeast Asia, Australia , Latin America, Canada , former Soviet Union and Africa," Oil India chairman NM Borah told reporters. He also expressed company's interest in picking up a stake in shale gas assets in Argentina . Oil India is sitting on a cash balance of 12,700 crore ($2.8 billion) and could invest up to 4,500 crore ($1 billion) in overseas assets, company director-finance TK Ananth Kumar said. "We may also borrow some money to fund our overseas acquisitions," he said while reporting company's fourth quarter and annual results for the previous financial year.OIL Q4 net rises 30% to Rs 564 Crore - Economic Times
