The Hindu : Business : Oil assets abroad enable India to counter shock

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Friday, Jul 11, 2008
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Oil assets abroad enable India to counter shock

Special Correspondent

NEW DELHI: Terming the sudden spurt in international crude oil prices as ‘unforeseen’ event, Union Petroleum and Natural Gas Minister Murli Deora on Tuesday asserted that the aggressive oil diplomacy followed by India in acquiring oil and gas assets abroad has enabled it to counter the challenges posed by the “global oil shock”.

“We have managed to make foray into new and unexplored territories such as Venezuela, Cuba, Columbia, Angola, Algeria and the Netherlands. We successfully acquired oil and gas assets and already these acquisitions are paying rich dividends. Oil and Natural Gas Corporation Videsh Limited (OVL) has been doing a wonderful job along with other public sector companies. The unprecedented global oil shock has hit the entire world but we have managed the situation without burdening the common man much,” Mr. Deora said adding that fresh opportunities awaited India. Stating that gas and liquefied natural gas (LNG) are the next happening thing, Mr. Deora said already he had held talks with the oil ministers of Iran, Saudi Arabia and Nigeria for securing commitments for not only fresh exploration blocks but also LNG assets.

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