Videocon Industries is planning to venture into overseas oil exploration."Videocon, along with four other overseas partners, is in the process of entering oil exploration in Australia," V N Dhoot, chairman of Videocon group, said today.Dhoot added that talks were on and all issues would be finalised by March 2006.Besides Australia, Videocon is also looking at assets in the Middle East.Videocon, which entered the upstream oil sector through Videocon International, has its own oil fields at Ravva, which produced 50,000 barrels per day.Dhoot said the crude from Ravva was being sold to IOC and HPCL. Asked whether Videocon plans to enter retailing, Dhoot said the company would work only in the upstream sector.Dhoot said more than 50% of Videocon's profit was being contributed by the oil business.