Set to surpass its production target for 2005-06, India's state-owned Oil India Ltd (OIL) will bid for more exploration blocks in Libya, where it already holds stakes in one block with Indian Oil Corporation.
"We are preparing to jointly bid in October with Indian Oil for the next round of exploration blocks being offered by Libya. We are currently examining data for five of the blocks and will submit our bids by October end," a senior OIL official told.
The second largest oil producer in the country after Oil and Natural Gas Corporation (ONGC), OIL has most of its activities in the northeast region of the country.
OIL has been striving to expand operations overseas with Indian Oil as its equal partner. In Libya, the OIL consortium has won onland Block No 86 in the Sirte Basin.
With the government plans to divest 10 percent stake in the company having being put on hold, OIL is keen to go ahead with plans for 10 percent public issue (IPO) to enable it to get listed on the stock market like all the other major state-owned oil companies.
"Earlier, the government was planning to divest 10 percent stake in the company, but we understand the proposal has been put on the back burner. So we are prepared to come out with an IPO equivalent to 10 percent of our capital base," the official said.
"We are ready for both disinvestment and IPO. The matter is still to be finalized by the finance ministry," the official said. Getting listed on the stock market holds lure for OIL, as it is keen to "assess its true market capitalization."
During the current year, OIL is hopeful of exceeding its committed production target of 3.30 million tonnes and 2.076 billion cubic meters (BCM) of gas.
"Our current production level has already exceeded the target for the first five months by eight percent and we are likely to achieve a production of 3.45 million tonnes of oil and 2.20 BCM of gas by fiscal end," the official said.
Last year witnessed the company exceed its production target by achieving 3.20 million tonnes oil and 2.009 BCM gas productions.
Quelle: Xinhua
