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Oil India seeks more hydrocarbon concessions globally

 LindaThackeray
  56
 May 31, 2024

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SINGAPORE: India’s second largest public sector company, Oil India Limited (OIL), is seeking more hydrocarbon concessions globally, including in Brazil and Mexico.

Chairman and CEO Sunil Kumar Srivastava, “We are actively looking for quality assets that can deliver crude oil to India.” (Sunil Kumar Srivastava) told PTI yesterday.

He said, “The Indian government is very supportive of our overseas activities. They are encouraging us to go global and reduce energy imports.

Speaking at the International Energy Week in Singapore, he said, “The more oil and gas we bring into the country, the better it will be for reducing the cost of energy imports into the country.”

India depends on imports for about 75% of India’s annual demand for crude oil and 30% of its demand for natural gas.

Among the large overseas investments, Petronas invested $ 9 100 million, 4% stake in the coastal farms of Mozambique.

In January this year, OIL and ONGC Videsh (OVL) announced the acquisition of 10% stake in Mozambique.

The company operates overseas in 11 individual countries and produces small quantities of hydrocarbons in the United States, Venezuela, and Russia.

Srivastava and GAIL Chairman and Managing Director B Chairman and Managing Director B Chairman C Tripathi Chairman and Managing Director of Hindustan Petroleum Corporation Vasudeva Eight nominees for the Platts Energy Information Asia CEO of the Year Award were awarded to Fu Chengyu, Chairman of Sinopec Corp. (Sinopec Group).

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