IOC earmarks $ 1 bn for overseas acquisitions

MUMBAI: State-run Indian Oil Corporation ( IOC), today said that it has earmarked USD one billion for the acquisition of good-quality producing or developing E&P assets abroad.

"We are looking for good-quality assets abroad. We have reserved USD one billion for acquisition of producing or developing E&P assets overseas," IOC Chairman, B M Bansal, told reporters on the sidelines of its annual general meeting here today.

The company which has a 35 per cent stake in Venezuelan E&P assets worth USD 700 million, will have another state-run company, Oil India Ltd, as its JV partner for any overseas acquisitions for five years, he said.

IOC will look at shale options in the US as well, Bansal said.

"The Oil Ministry has sent a delegation to the US to assess opportunities there and we are in constant touch with the Ministry," he said in response to a query.

In India, IOC has expressed its interest in shale, but no player here has technical expertise in shale exploration.

"The Director General of Hydrocarbons is trying to assess shale assets in India and we will bid for the blocks when the time comes," Bansal said.