India ventured into acquiring oil and gas assets abroad at the beginning of 10th Plan (2002-07) to strengthen its energy sector and reduce its dependence on import.
Public sector companies that have presence abroad include ONGC Videsh , Oil India , Indian Oil Corporation, GAIL India, Hindustan Petroleum Corporation, Gujarat State Petroleum Corporation and Bharat Petro Resources, a subsidiary of Bharat Petroleum Corporation.
Indian private sector companies abroad include Reliance Industries, Videocon Industries, Essar Energy, and Adani Welspun Exploration.
Recently, ONGC’s subsidiary ONGC Videsh (OVL) and Oil India signed pact with Videocon Industries to buy its stake in Mozambique gas field for $2.47 billion.
Leave a Reply
You must be logged in to post a comment.