OIL to spend $150 mn on global projects

Flying high on the government's initiative for Oil India Ltd's global foray into exploration and production activities, the company will invest around $150 million in the coming fiscal for acquisition of international oil blocks including few in Nigeria.

"We have already two blocks in Libya. Besides we have acquired one block in Gabon. We are hopeful of getting one block in Nigeria," S K Patra, OIL director (Exploration and Development) said in Mumbai.

State-run OIL is one of the country's oldest exploration firms, which has significant presence in the north-east region.

The government is pursuing a policy of supporting its oil companies such as OIL and Indian Oil Corporation to explore global opportunities in E&P for fulfilling country's energy demand.

He said OIL's bid for Nigerian blocks stands second amongst all bidders. However, the highest bidder, a Canadian company is unwilling to pay the signature amount, which is mandatory for acquiring the block in that country.  So, the company is hopeful of bagging the deal.

"Our Nigeria bid is also in partnership with IOC and a local company. We will share 40-45 per cent each and the local partner would have 10-20 per cent stake in the bid," Patra said.