IOC may go solo in NELP-VII, to sell Rs 2,000 cr oil bonds

Indian Oil Corporation may bid alone for some small oil and gas blocks and is in talks with foreign players for bigger blocks in the seventh round of auction announced by the government.

“We want to be more than a portfolio investor,” IOC chairman Sarthak Behuria said during his weekend visit here.

Mr Behuria did not elaborate, but indicated that the company would take a larger stake in the bidding for 57 oil and gas blocks in the country under the seventh round of New Exploration Licencing Policy.

The company plans to sell Rs 2,000 crore worth of oil bonds to partly offset losses due to selling fuel below cost will depend on price revision and other factors, Mr Behuria said.

"Sale of bonds will depend upon some factors like price revision which will be recommended by the group of ministers likely to meet in the third week of January. After that we will see how far the under-recovery comes down."