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Updated On:16/04/2018

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International Business

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OIL started aggressively pursuing acquisition of overseas E&P properties from the year 2005, with Government of India facilitating the process through the mechanism of Empowered Committee of Secretaries for faster clearance of such acquisition proposals. Currently the Company has established its presence in Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Bangladesh, Myanmar, Mozambique and Russia. In 2013 OIL made commercial discovery of crude oil in Gabon where the Company is the Operator.


OIL entered the arena of unconventional shale oil by acquiring 20% Participating Interest in Carrizo Oil and Gas Inc's liquid rich shale asset in Colorado, USA.


This helped OIL strategically for acquiring knowledge to develop similar opportunity in the country. Some recent overseas acquisitions of OIL include participation and winning two shallow-Offshoreblocks in Bangladesh bidding round-2012, acquisition of discovered gas assets in Mozambique during FY-14, acquisition of two Offshore exploratory blocks in Myanmar and acquisition of 50% stake in a producing asset in Russia.


OIL has also recently acquired stakes in two major producing assets from Rosneft Oil Company, the National Oil Company of Russian Federation.  OIL led consortium of Indian Oil Corporation Limited and Bharat PetroResources Limited, successfully completed the acquisition of 29.9% and 23.9% stakes in LLC Taas-Yuryakh Neftegazodobycha and JSC Vankorneft respectively. With these acquisitions, crude oil production from Russia for OIL would be around 1.7 MMT.


These acquisitions, reflecting the Company's strategy for judicious mix of exploration and discovered/producing assets, are in line with the Government's stated objective of acquiring equity oil overseas.