Oil India plans Rs 1500 cr IPO

OIL and IOC are eyeing producing oil assets in Africa, Middle-East, Asia and South America, Ananthkumar said.

“We would like to buy a company or one of its units,” he said, adding the opportunities in Nigeria, Yemen, Libya and Gabon are being explored but refused to give details.

The OIL plans to invest Rs 15,000 crore in the next five years in oil and gas exploration and production and another Rs 2,000 crore in refining, company official said.

“We are scheduled to hold discussions with HPCL on possible participation of OIL in their Bhatinda or Vizag refinery,” he said.

HPCL has already got Lakshmi N Mittal to take 49 per cent stake in the over Rs 16,000 crore Bhatinda refinery project and is looking at accommodating OIL, which too had evinced interest in picking stake in Bhatinda, in expansion of its Vizag refinery.