IOC plans to scale up E&P business

IOC plans to scale up E&P business
The Indian refining giant Indian Oil Corporation Ltd (IOC) is planning to scale up its exploration business and later hive it off into a subsidiary, as it endeavors to return to its growth trajectory, after losing significant proportion of its market share against its peers in FY11.

Under its renewal programme for its upstream business, the company intends to build a dedicated cadre of exploration and production experts to help it secure crude oil supplies.

IOC chairman RS Butola, quoted, "We can have another subsidiary for E&P like ONGC has OVL or we can have an E&P division within IOC for better focus on upstream business."

IOC has significant stake in many domestic and overseas oil and gas exploration blocks but these operations till date has not been very profitable.

Read more about: iocl, oil and gas, crude
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