Oil India eyeing at overseas acquisitions, reserves $2billion
State-run explorer Oil India has set away $2 billion for overseas acquisitions, thus scouting for assets. The company is also engaged in due-diligence for 2-3 assets.
The company in the month of May was looking at acquiring stakes in fields in Myanmar and Bangladesh and has already acquired stakes in the exploration blocks in Libya, Gabon, Iran, Nigeria and Yemen.
Earlier, this year, Oil India and IOC have submitted a preliminary approach to acquire Syrian-focused oil explorer Gulfsands Petroleum.
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