Indian oil consortium acquires Russian oil firm

May 05, 2010 02:00 AM

In a filing submitted to the Rajya Sabha, it was revealed that a consortium of three Indian oil companies has acquired a Russian oil company. The filing further revealed that the consortium has also bought a stake in an oil field in Venezuela.
The consortium was formed when three companies -- Oil India Ltd, Indian Oil Corporation and ONGC Videsh Ltd -- came together. The main of it was to go for overseas acquisitions so that the fuel demand of India can be sufficed.

Talking about this, the Minister of State for Petroleum and Natural Gas Jitin Prasada said that the Russian company has been taken over, the name of which is Imperial Energy. This deal was done by OVL and 18 % was bought in a Venezuelan oil field.
The consortium will hold the 18 % as a single party.

Jitin further added that an oil discovery has also been made in the reserves of Barmer. The total capacity of the same is big enough to meet 25 % of the total demand of India's oil needs.
Talking about the KG Basin, the minister said that it is big enough to meet the total requirement of the country.

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