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India eyeing overseas oil investment opportunities

 Last Update: 2022-08-19
 Source: Internet
 Author: User

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Recently, according to Platts, Indian government sources and analysts said that India is looking to invest more money in overseas oil projects through state-owned refiners to obtain more equity oi.

At the end of July, India's cabinet approved a proposal to invest $6 billion to develop an oil block in Brazil in an attempt to acquire oil from overseas interest.

India is the world's third largest crude oil importer and consumer, with 65% of its crude oil demand coming from the Middle Eas.

The move will also deepen India's energy relationship with Brazi.

At present, India's aging oil fields are difficult to maintain stable production is also the reason why India seeks equity oi.

Vedanta Group, India's largest privately-owned upstream oil and gas producer, said in late July that its oil and gas production fell 10% to 148,000 barrels of oil equivalent in April-June due to a drop in output from its fields in the western state of Rajastha.

Due to high global crude oil and natural gas prices, India's domestic investment can reduce external imports, making it attractiv.

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