India's two main state oil companies will earmark $2.2 billion for equity investment in exploration joint ventures with foreign oil companies. New Delhi is inviting foreign companies to match that sum in JVs with Oil & Natural Gas Commission and Oil India Ltd. The program likely would include four or five JVs with Indian firms taking 26-45% stakes and involve a national seismic program, deepwater and frontier exploration, and exploration in other countries.
India's two main state oil companies will earmark $2.2 billion for equity investment in exploration joint ventures with foreign oil companies.
New Delhi is inviting foreign companies to match that sum in JVs with Oil & Natural Gas Commission and Oil India Ltd. The program likely would include four or five JVs with Indian firms taking 26-45% stakes and involve a national seismic program, deepwater and frontier exploration, and exploration in other countries.
