New Delhi [India], July 17 (ANI): Union Minister for Petroleum and Natural Gas Hardeep Singh Puri reviewed the overseas assets of India’s energy sector which include the foreign branches of Indian PSUs. They include majorly ONGC Videsh Ltd (OVL), Indian Oil Corporation Ltd (IOCL), Oil India Ltd (OIL), Bharat PetroResources Ltd (BPRL), GAIL India, and Prize Petroleum Corporation Ltd (PPCL).
These Indian PSUs have established a significant presence globally, with a total of 45 assets spread across 21 countries. They have a cumulative investment of about US$ 40.6 billion, said Puri.
This substantial investment highlights India’s strategic efforts to secure energy resources and ensure energy security by diversifying its sources and establishing a global footprint.
The Minister said, “By assessing performance and exploring new opportunities, we can ensure sustainable growth and energy security for India under the leadership of PM Narendra Modi Ji”.
ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), is a key player in this domain, with investments in various oil and gas assets worldwide. Indian Oil Corporation Ltd (IOCL) has also been active in expanding its international presence, securing crucial energy supplies and collaborating on refining and petrochemical projects.
Similarly, Oil India Ltd (OIL) and Bharat PetroResources Ltd (BPRL) has invested in exploration and production assets overseas, contributing to India’s energy security.
GAIL, known for its role in natural gas processing and distribution, has been involved in international projects, securing LNG contracts and participating in pipeline projects. Prize Petroleum Corporation Ltd (PPCL), a wholly-owned subsidiary of HPCL, focuses on upstream exploration and production activities.
The International Cooperation Division of the Ministry of Petroleum and Natural Gas facilitates Indian oil and gas Public Sector Undertakings (PSUs) to aggressively pursue opportunities for acquiring quality oil and gas assets overseas. The division also encourages the companies to diversify oil and gas sources to maintain a balanced portfolio. (ANI)
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