Oil India keen to buy stakes in Argentina shale gas assets

Posted By: Religare
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Oil India to buy shale gas assets in Argentina
State owned Oil India Ltd. (OIL) is currently exploring new opportunities in buying a stake in shale gas assets in Argentina, as per the company officials.

The company is considering to acquire a sufficient part of oil-exploring assets in the international market and is expected to invest Rs. 4,000 to Rs. 4,500 crore for purchasing the oil and gas assets.

India is world's fourth-largest oil importer and almost 80 per cent of the crude demand in the country is fulfilled through international economies. Now, the domestic explorers are looking for oil and gas assets that can be acquired overseas so as to meet the growing demand and cater the expanding refining capacity.

Besides Argentina, the OIL officials also confirmed that the firm is scouting for assets in South-East Asia, Australia, Latin America, Canada, some parts of the former Soviet Union and Africa as well.

Read more about: oil, bse, nse, shale gas
Story first published: Thursday, June 2, 2011, 9:30 [IST]
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