Oil India says has $2 bn budget for foreign buys

State-run explorer Oil India Ltd has set aside $2 billion (Rs 9,320 crore) for overseas acquisitions, Chairman N.M. Borah told reporters on Thursday.

State-run explorer Oil India Ltd has set aside $2 billion (Rs 9,320 crore) for overseas acquisitions, Chairman N.M. Borah told reporters on Thursday.

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Bigger rival ONGC has spearheaded India's hunt for foreign petroleum assets, often competing with Chinese firms, but smaller firms such as Oil India and refiners like Indian Oil Corp are also scouting for assets.

"We are currently doing due diligence for 2-3 assets," Borah said. He had said in May that the company was looking at acquiring stakes in fields in Myanmar and Bangladesh.

The company has acquired stakes in exploration blocks in Libya, Gabon, Iran, Nigeria and Yemen.

This year, Oil India and IOC had submitted a preliminary approach to acquire Syrian-focused oil explorer Gulfsands Petroleum.

India — now Asia's thirdlargest oil consumer — has encouraged state firms to look for oil and gas fields abroad to secure energy supplies.