IndianOil plans to build strong upstream portfolio - Feedback

Indian Oil Corporation (IOC) is hoping to build a strong upstream portfolio as the oil rout turns assets cheaper while leaving traditional upstream companies such as Oil and Natural Gas Corporation with depleting cash reserves.

The company is evaluating 10-12 acquisition opportunities every month and has entered into confidentiality agreements on 4-5 probable deals, said a senior company executive, requesting anonymity, in a growing sign of the seriousness with which IOC is pursuing its IOC and Oil India have signed a non-binding agreement with Russian oil firm Rosneft for taking 10% stake each in the Taas-Yuryakh field in east Siberia, the executive said. IOC is also seeking a stake in the Vankor field in Russia, where ONGC purchased a 15% stake last year.

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