OIL plans $150mn spend on global E&P in FY07

Oil India (OIL) will invest around $150 million in the coming fiscal on acquisition of international oil blocks including a few blocks in Nigeria.

"We already have two blocks in Libya. We have also acquired one block in Gabon. We are hopeful of getting one block in Nigeria," S K Patra, director (exploration and development) of OIL, said today.

He added that OIL's bid for the Nigerian block is second amongst all bidders. However, the highest bidder, a Canadian company, is unwilling to pay the signature amount, which is mandatory for acquiring the block in that country. So, the company is hopeful of bagging the deal.

"Our Nigeria bid is in partnership with IOC and a local company. We will share 40-45% each and the local partner would have 10-20% stake in the bid," Patra said.