Essar Oil may acquire overseas company

Essar Oil is eyeing acquisition of an overseas mid-sized exploration and production company with producing oil or natural gas assets, a senior company official said today.

"We are already engaged in talks with advisors to help us identify the prospective companies and finalise a deal," the official said.

He said the company is looking at mid-sized companies with producing oil and gas assets in Africa, Central Asia, South East Asia and South Asia.

The official, however, declined to identify any target company, and did not give a timeframe for the acquisition.

"It is too early to comment on the time of acquisition. We are still in the stage of shortlisting the companies that suit our portfolio," he said.

He said the company is also eyeing oil and gas exploration assets in Africa, Australasia and Central Asia.

"We are very keen on entire Africa, and are also studying prospects in Asia and Australia. We're closely exploring about 10-12 nations," the official said.

Essar Oil has already submitted its bid for three exploration blocks in Iran""Naft Shahr onshore block, Bandar Abbas onshore block and Laleh offshore block.

He said the company has also joint bid for an exploration block in Syria with Gujarat State Petroleum Corp.

Essar Oil holds interest in three exploration blocks in Madagascar, two in Myanmar, and one shallow offshore block in Nigeria.