IOC,Oil India eye stake in Essar’s gas block

IOC,Oil India eye stake in Essar’s gas block

Bangalore: State-run firms Indian Oil Corp and Oil India Ltd are in talks to buy 20% each in Essar group’s gas block in Myanmar, the Economic Times reported on Tuesday, citing a consultant advising the two companies and an unnamed oil ministry official.

It did not give a value for a possible deal.

Essar’s shallow water gas block has an estimated 13 trillion cubic feet of gas reserve, larger than the gas reserve in Reliance Industries Ltd’s KG-D6 fields off India’s east coast, the newspaper said.

An Essar spokesman declined to comment while queries sent to IOC and Oil India remained unanswered, it said.

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