OIL to use Rs 60 bn to buy foreign blocks

In order to increase its portfolio of oil and gas assets, Oil India (OIL) plans to buy blocks in foreign countries and has for this purpose set aside Rs 60 bn. The company is looking for an asset that has an individual target production level of up to 30,000 barrels of oil equivalent per day (boepd). It would look at operatorship in onshore blocks, while it plans to be joint operator or active non-operator in offshore blocks.Contact: Oil India Ltd Tel: 0120-248 8333. Fax: 0120-248 8310. E-mail: oilindia@oilindia.in