Videocon eyes oil fields in Sudan, Yemen

Videocon Industries is eyeing oil fields in Sudan and Yemen and is mulling investing in the development and exploration of oil in India and in the Middle East.

Videocon is on the verge of closing talks with the Sudanese government on taking upto 74% stake in an offshore oil block that may see an investment of $100 million, a source close to the company said.

The group is also closing in on an onland block in Yemen.

In India, Videocon has bid for three out of the 20 blocks auctioned under fifth round of new exploration licensing policy (NELP).

Videocon has tied up with Perth-based Oilex and India Hydrocarbon to bid for one block each in Assam-Arakan, Bay of Bengal and Maharashtra.

"The consortium has bid very aggressively and stands good chance of winning the Maharashtra onland block and possibily also the Assam-Arakam block," the source said.

Oilex, listed on Australian bourses, has bid for the first time in an exploration round in India.

Recently, Videocon had signed a MoU with the government of Khartoum province in Sudan for investing and developing oil projects there.