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The Essar group is negotiating with Phoenix Libya (a subsidiary of Phoenix AG) to buy 20 percent stake with rights to buy up to 50 per cent in an oil and gas field in Libya and also plans to take oil and gas blocks in Iran, Papua New Guinea, and Libya.
Essar plans to produce 150,000 barrels of oil a day from its domestic and overseas fields, which would include a portfolio of assets in 12 countries in Middle East, Central Asia, Africa, and the Philippines. It plans to bid for two of the 17 blocks that Iran is offering in addition to the three oil and gas exploration blocks in Madagascar, and two in Myanmar.
To facilitate this production plan, Essar plans to buy another 10 to 15 land drilling rigs.
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