4/12/2014 Oil India said to study purchase of Shell oil blocks in Nigeria - Livemint

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Oil India is weighing a bid for stakes Shell holds in some onshore blocks, valued at
as much as $2 billion.
Mumbai: Oil India Ltd., Indias second-biggest state-run explorer, is
studying an acquisition of Nigerian oil and gas assets owned by Royal
Dutch Shell Plc, according to people familiar with the matter.
Oil India is weighing a bid for stakes Shell holds in some onshore blocks,
valued at as much as $2 billion, the people said. It will partner with Indias
Sandesara Group on the potential purchase, according to the people, who
asked not to be identified as the deliberations are private.
The explorer joins Dangote Group, controlled by Africas richest man, and
Seplat Petroleum Development Co. in seeking to acquire Nigerian assets
being sold by Western rivals. Shell and Chevron Corp. are divesting fields in
the country amid persistent violence and crude theft in the oil-rich Niger
River delta.
Indias government-run oil companies are building on their record $5.5
billion of acquisitions last year to secure supplies for Asias second-biggest
energy consumer. Oil India, which had Rs12,490 crore of cash at the end of
September, has purchased stakes in gas fields in Mozambique and shale
assets in the US over the past two years.
Oil India chairman S.K. Srivastava and finance director Rupshikha Saikia
FIRST PUBLISHED: FRI, APR 11 2014. 08 36 PM IST HOME INDUSTRY
Oil India said to study purchase of Shell oil
blocks in Nigeria
Oil India will partner with Sandesara Group on the potential purchase
George Smith Alexander
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Borah didnt answer two calls each to their mobile phones seeking
comment. Sandesara Group chairman Nitin Sandesara didnt immediately
respond to an email and phone call to his office.
Oil Theft
Sterling Energy & Exploration Production Ltd., a unit of Sandesara Group,
has more than 250 million barrels of certified oil reserves and one trillion
cubic feet of natural gas reserves in the Niger Delta, according to its
website. Nigeria pumped about 2.1 million barrels of crude a day last month,
data compiled by Bloomberg show.
Shell, Europes biggest oil company, said in October divestments in India
have been deferred to 2014. The Anglo-Dutch companys earnings in the
country were curbed by almost $1 billion last year because of oil theft and a
liquefied natural gas (LNG) export blockade by the government, chief
financial officer (CFO) Simon Henry said on 13 March.
Earlier this year, Oil & Natural Gas Corp. Ltd. (ONGC) and Oil India paid
$2.5 billion for a 10% stake in a Mozambique natural gas field. Securing fuel
supplies is crucial for Prime Minister Manmohan Singh as India relies on
imports to meet about three-quarters of its oil requirements.
Seplat Petroleum, based in Lagos, and its partners are bidding for two
Nigerian oil and gas permits Shell is selling, chairman A.B.C. Orjiako said on
11 March. Dangote Group is in talks to purchase onshore oil blocks in the
country as international companies sell assets, Group executive director
said in January. Bloomberg
Rakteem Katakey in New Delhi also contributed to this story.
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First Published: Fri, Apr 11 2014. 08 36 PM IST
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4/12/2014 Oil India said to study purchase of Shell oil blocks in Nigeria - Livemint
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