Prize Petro in talks to buy Egypt oil firm

From The Oil Street

Prize Petroleum , the exploration arm of Hindustan Petroleum Corp, is in talks to buy an Egyptian oil exploration company, Chief Executive Officer M N Prasad said today.

"The Egyptian company currently owns a stake in a producing block and has a share of 4,500 barrels per day," Prasad said on the sidelines of an international petroleum conference.

Prize Petroleum has just started evaluation of the company and will decide on the acquisition by March, Prasad said.

Meanwhile, Oil India has sent a proposal to the oil ministry seeking approval to buy 25 per cent stake in HPCL's Bhatinda refinery, Chairman and Managing Director M R Pasrija said today.

Prize Petroleum currently owns only one block, which it got in the just concluded NELP sixth round.

Prasad also said Prize Petroleum is in talks with three private equity investors""Infrastructure Development Corp Ltd., Sabre Capital and Barings-to raise $50 mn.