Essar Global is planning to spend $2 billion in developing oil and gas fields in India, Myanmar and Nigeria to benefit from high fuel prices. The Mumbai-based group will use about $200 million of its own cash and borrow the rest for the three-year spending plan, Shishir Agrawal, CEO, Essar Exploration & Production, said.Output from fields in India may be leveraged to raise funds.An almost threefold increase in crude oil prices in five years makes it attractive for companies like Reliance Industries to buy and develop energy assets overseas. Essar, which also has interests in energy, steel and telecommunications, is looking to bid in Africa, Central Asia, Southeast Asia and India, Agrawal said.
