Videocon eyes oil fields in Sudan, Yemen

Videocon is on the verge of winding up talks with the Sudanese government on taking up to 74 percent stake in an offshore oil block that may involve an investment of $100 million, a source close to the company said.

The group, which also manufacturers televisions and home appliances, is also closing in on a land block in Yemen. At home, Videocon has bid for oil and gas in three out of the 20 blocks auctioned under fifth round of New Exploration Licensing Policy.

Videocon tied up with Perth-based Oilex and India Hydrocarbon Ltd to bid for one block each in Assam-Arakan, Bay of Bengal and Maharashtra.

"The consortium has bid very aggressively and stands a good chance of winning the Maharashtra land block and also the Assam-Arakam block," the source said. Oilex, listed on Australian bourses, has bid for the first time in an exploration round in India.

Energy-hungry India, which imports 75 percent of its oil needs and barely produces the gas it consumes, has been pushing for intensifying exploration of domestic basins and encouraged companies to acquire oil and gas fields abroad.

Recently, Videocon signed a memorandum of understanding with the government of Khartoum province in Sudan for investing and developing oil projects there.

Videocon already has a stake in the Indian oil field, Raava, located in the Krishna-Godavari basin off the country's eastern shore.