Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, recently conducted a review of India’s energy sector’s overseas assets, which include the foreign branches of Indian Public Sector Undertakings (PSUs). These PSUs, such as ONGC Videsh Ltd (OVL), Indian Oil Corporation Ltd (IOCL), Oil India Ltd (OIL), Bharat PetroResources Ltd (BPRL), GAIL India, and Prize Petroleum Corporation Ltd (PPCL) have a significant presence globally, with a total of 45 assets in 21 countries and a combined investment of approximately US$ 40.6 billion. This investment reflects India’s strategic efforts to secure energy resources and ensure energy security by diversifying sources and establishing a global footprint.
The Minister emphasized the importance of assessing performance and exploring new opportunities to ensure sustainable growth and energy security for India under the leadership of PM Narendra Modi. ONGC Videsh Ltd (OVL) and Indian Oil Corporation Ltd (IOCL) are key players in the international arena, with investments in various oil and gas assets worldwide. Oil India Ltd (OIL) and Bharat PetroResources Ltd (BPRL) have also made significant investments in exploration and production assets overseas, contributing to India’s energy security. GAIL India, known for its expertise in natural gas processing and distribution, has been actively involved in international projects, securing LNG contracts and participating in pipeline projects. Prize Petroleum Corporation Ltd (PPCL), a subsidiary of HPCL, focuses on upstream exploration and production activities.
The International Cooperation Division of the Ministry of Petroleum and Natural Gas plays a crucial role in facilitating Indian oil and gas PSUs in aggressively pursuing opportunities to acquire quality oil and gas assets overseas. The division also encourages these companies to diversify oil and gas sources to maintain a balanced portfolio. The review conducted by Minister Puri highlights the importance of India’s energy sector in securing energy resources and establishing a global presence in the oil and gas industry.
India’s energy sector has undergone significant growth and expansion in recent years, with major PSUs investing in assets globally to ensure energy security and diversify sources. By exploring new opportunities and assessing performance, India aims to sustainably grow and secure energy resources under the leadership of PM Narendra Modi. The strategic investments made by ONGC Videsh Ltd (OVL), Indian Oil Corporation Ltd (IOCL), Oil India Ltd (OIL), Bharat PetroResources Ltd (BPRL), GAIL India, and Prize Petroleum Corporation Ltd (PPCL) highlight India’s commitment to securing energy resources and establishing a strong global presence in the energy sector.
The Ministry of Petroleum and Natural Gas’s emphasis on aggressive pursuit of opportunities for acquiring quality oil and gas assets overseas and diversifying sources reflects India’s commitment to building a robust and secure energy sector. By investing in exploration and production assets overseas, Indian PSUs are contributing to India’s energy security and long-term sustainability in the global oil and gas industry. The review conducted by Minister Hardeep Singh Puri underscores the strategic importance of India’s energy sector in ensuring energy security and diversifying energy sources to maintain a balanced portfolio.
