BackIOC,Oil India eye stake in Essar’s gas block
IOC,Oil India eye stake in Essar’s gas block
Premium
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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
