OIL to come up with overseas arm in next 4 months

State-run Oil India Ltd (OIL) is expected to come up with an overseas investment arm within the next 4 months, triggering its oil & gas exploration activities abroad. The company has already lined up USD 1 billion capital expenditure plan for exploration purposes abroad, said the media reports.

"The new subsidiary would be looking into both conventional and unconventional assets, but mostly producing assets," Oil India, Director (Human Resources and Business Development), Nripendra Kumar Bharali told media.

"The operations of all our overseas assets, the US subsidiary and SPVs in various countries would now come under the new subsidiary. Our team is working to set up the company in another four months," he added.

Besides, the company is also likely to participate in the bidding of 13 blocks in the Cauvery and Mannar Basins with a view to set its presence in Sri Lanka.

Read more about: oil india
Story first published: Tuesday, June 18, 2013, 12:42 [IST]
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