Oil India said to consider purchasing stake in Maurel’s Gabon crude field

2/18/2013

Oil India said to consider purchasing stake in Maurel’s Gabon crude field

BY SAURABH CHATURVEDI

NEW DELHI -- Oil India will continue its talks to buy a stake in Maurel & Prom’s Gabon assets even if the company is acquired by Pertamina, a senior executive said.

Oil India has made earmarked about $1.28 bn for overseas acquisitions. Last year it was in talks to buy a stake the Gabon assets of Maurel as it seeks to expand its footprint overseas and increase production through acquisitions. "The talks are still on. It never actually broke down" said the executive, who didn't want to be named. Oil India will continue the talks even if the owner of the Maurel & Prom changes, the executive added.

The Sunday Telegraph, citing people familiar with the matter, reported that Pertamina has made an indicative offer for the Maurel & Prom.

India's state-run energy companies have been scouting for oil and gas assets overseas as the nation seeks to secure its energy supplies. They, however, haven't made much progress due to lengthy processes of government approvals needed for investments.

Dow Jones Newswires

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