 "State-owned oil firms to jointly source LNG from abroad")
State-owned Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Gujarat State Petroleum Corporation have formed a consortium to source liquefied natural gas internationally.
Sources aware of the development said the consortium had shortlisted three-four assets in the US to bid for jointly.
"The companies have come together to bid for hydrocarbon assets and source LNG from international sources. It always makes sense to go together and bargain for assets instead of venturing out alone," said an official who did not wish to be named.
BPRL's total holding is around 25,000 sq km of which about 88 per cent is offshore acreage. The company's gas blocks in Mozambique and Brazil are significant and BPCL will invest about $2 billion (Rs 12,000 crore) in them in the coming years.
"The share of the companies in the consortium will be equal. Bidding together will give financial power to the consortium," said an official.
"We are looking at booking capacities in LNG terminals. For our international business, we are looking for long-term gas and have signed an agreement with foreign players to import two million tonnes of gas," S Varadarajan, chairman and managing director of BPCL, had said earlier this month.
To boost exploration and production activities, IOC has incorporated Ind-OIL Overseas Ltd, a special purpose vehicle for acquisition of overseas assets, in partnership with Oil India Ltd.
IOC's portfolio so far comprises nine blocks in Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. IOC is associated with two successful oil discoveries, one each in India and Iran. Commercial appraisal of these blocks is under way, the company states on its website. IOC has also farmed into an exploration block in Gabon, along with Oil India Ltd as the operator.
The Indian Oil-Oil India Ltd combine has acquired participating interest in a block in Nigeria. In consortium with Kuwait Energy and Medco Energi of Indonesia, it has also acquired a participating interest in two exploration blocks in Yemen. IOC has been awarded as part of a consortium Project-1 in the Carabobo heavy oil region of Venezuela.
HPCL, on it part, has stakes in the Cambay Basin onshore fields, the Sanganpur onshore fields and the South Rewa Basin onshore block.
GSPC holds working interests in 64 onshore and offshore exploration and production blocks, 53 in India and 11 in Australia, Egypt, Indonesia and Yemen. GSPC's key asset in India is the Deen Dayal field in the Krishna-Godavari basin located off the east coast of the Andhra Pradesh. Deen Dayal West is being developed for commercial production.
GSPC through its subsidiaries and associates, also operates the largest gas transmission and distribution network in Gujarat. Its subsidiary, Gujarat State Petronet Ltd, is a common carrier gas transmission company.
Sources aware of the development said the consortium had shortlisted three-four assets in the US to bid for jointly.
"The companies have come together to bid for hydrocarbon assets and source LNG from international sources. It always makes sense to go together and bargain for assets instead of venturing out alone," said an official who did not wish to be named.
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BPCL through its wholly owned subsidiary, Bharat Petro Resources Limited (BPRL), holds participating interests in 19 exploration blocks in consortiums with other companies. Of the blocks, eight are in India, seven in Brazil, and one each in Mozambique, Indonesia, Australia and East Timor.
BPRL's total holding is around 25,000 sq km of which about 88 per cent is offshore acreage. The company's gas blocks in Mozambique and Brazil are significant and BPCL will invest about $2 billion (Rs 12,000 crore) in them in the coming years.
"The share of the companies in the consortium will be equal. Bidding together will give financial power to the consortium," said an official.
"We are looking at booking capacities in LNG terminals. For our international business, we are looking for long-term gas and have signed an agreement with foreign players to import two million tonnes of gas," S Varadarajan, chairman and managing director of BPCL, had said earlier this month.
To boost exploration and production activities, IOC has incorporated Ind-OIL Overseas Ltd, a special purpose vehicle for acquisition of overseas assets, in partnership with Oil India Ltd.
IOC's portfolio so far comprises nine blocks in Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. IOC is associated with two successful oil discoveries, one each in India and Iran. Commercial appraisal of these blocks is under way, the company states on its website. IOC has also farmed into an exploration block in Gabon, along with Oil India Ltd as the operator.
The Indian Oil-Oil India Ltd combine has acquired participating interest in a block in Nigeria. In consortium with Kuwait Energy and Medco Energi of Indonesia, it has also acquired a participating interest in two exploration blocks in Yemen. IOC has been awarded as part of a consortium Project-1 in the Carabobo heavy oil region of Venezuela.
HPCL, on it part, has stakes in the Cambay Basin onshore fields, the Sanganpur onshore fields and the South Rewa Basin onshore block.
GSPC holds working interests in 64 onshore and offshore exploration and production blocks, 53 in India and 11 in Australia, Egypt, Indonesia and Yemen. GSPC's key asset in India is the Deen Dayal field in the Krishna-Godavari basin located off the east coast of the Andhra Pradesh. Deen Dayal West is being developed for commercial production.
GSPC through its subsidiaries and associates, also operates the largest gas transmission and distribution network in Gujarat. Its subsidiary, Gujarat State Petronet Ltd, is a common carrier gas transmission company.
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