Reliance Industries Ltd, India's largest private sector oil firm, on Saturday said it was looking at acquiring oil and gas fields in the Middle East and west Africa.
"We look at all opportunities. There is an opportunity for India in emerging oil and gas fields in the Middle East and west Africa. Announcement in this regard will be made in due course," Reliance Industries chairman Mukesh Ambani told reporters in New Delhi.
The Mumbai-based giant has unveiled an ambitious plan to grow aggressively overseas in the coming years by acquiring small- to medium-sized oil exploration and production companies and taking part in oil and gas exploration and production projects. It is focusing on the Middle East and Africa.
Reliance has already bid for a deep-sea gas block in Oman.
To a specific question whether Reliance's interest in Africa and Middle-East was for acquisition of oil and gas fields, Ambani replied in the affirmative, saying: "Basically, yes."
He said Reliance sees a lot of opportunities in its telecom business as well. The company sees opportunity to drive services in India like China has done, Ambani said.
"We have believed that one must be willing to compete and deliver value. As a company, we operate in 50 countries and in China in the last three years we have touched from zero to $500 million," he added.
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