EXPLORATION

Indian Oil/Petronas to pursue joint venture offshore Malaysia

State-owned Indian Oil Corp has announced it is currently awaiting government approval to pursue ...

Indian Oil said the proposal is at an early stage and needs approval from Indian Oil's board of directors and majority shareholder, the Indian Ministry of Petroleum and Natural Gas which holds an 80% stake in the firm.

A decision is expected to be made at the next board meeting scheduled for Tuesday 25 June. The company, which is ranked 209 on Fortune magazine's Global 500 list of the world's largest companies - is keen to expand its portfolio to include an upstream business after the country's oil sector was fully deregulated.

Officials couldn't say how much the company would invest in oil and gas exploration although some industry sources claim Indian Oil has earmarked nearly US$1 billion in the next few years.

Proceeds from a proposed public equity issue may be used to fund upstream investment. The company also said it is likely to pursue an overseas float to raise more than 15 billion rupees through an issue of around 7.7 million shares.

An Indian Oil executive said last week the proceeds from the company's equity issue would be used to service company debt - estimated at INR190 billion - and to fund further growth.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry