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IOC to source 10pct of crude requirement from own assets - Mr Singh

Gasoil News - Published on Fri, 29 Dec 2017

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ET reported that Indian Oil Corporation (IOC), the country’s largest fuel retailer, plans to source 10 per cent of its crude requirement from its own oil and gas assets, IOC chairman Mr Sanjiv Singh said in the company's recently released annual report. “As part of its quest to become an integrated energy major, IndianOil is expanding its upstream portfolio of domestic and overseas oil and gas blocks to be able to source atleast 10 per cent of its crude oil requirements from its own Exploration & Production (E&P) assets in the medium term.”

The fuel retailer's E&P portfolio comprises 18 active oil and gas blocks, the report said. Of the 18 active blocks, the company is engaged in E&P of crude oil and natural gas through its consortium partners in eight locations including Iran, Gabon, Nigeria, Libya Russia, Canada, USA and Venezula.

Of the eight active oversees blocks, the company currently has five producing assets -- Niobrara Shale Oil Project in USA, Shale Gas Project in Canada, Carabobo Project in Venezuela apart from Taas and Vankor Projects in Russia.

Mr Singh said in a recent media interview the fuel retailer has made a cumulative investment of Rs 17,113 crore in overseas E&P assets and an investment of Rs 2,124 crore in developing domestic assets as of September 2017.

Of the ten domestic blocks, IOC’s Dirok field near Digboi in Assam had started producing gas and condensate in August 2017.

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Posted By : Rabi Wangkhem on Fri, 29 Dec 2017
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