Oil India likely to exit US, Russia blocks; to stay in Venezuela

In a major shift in its overseas strategy, state-run Oil India (OIL) is planning to exit from two major blocks in the US and Russia. This, despite India’s second-largest exploration major reaffirming its commitments to the crisis-hit Venezuela.

The company is in talks with multiple players to sell its assets Niobrara Shale Asset in the US and Licence 61 asset in Russia. This was after the assets did not turn out to be lucrative, compared to the company’s overall overseas business plans. Oil India Chairman and Managing Director Utpal Bora confirmed the development to Business Standard. 

“Our US shale asset is in