Indian Oil Companies Invest $40.6 Billion Globally, Says Minister Hardeep Singh Puri
New Delhi, India – Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, reviewed the overseas assets of India’s energy sector, which include the foreign branches of Indian Public Sector Undertakings (PSUs). These PSUs include 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).
These Indian PSUs have established a significant global presence, with a total of 45 assets spread across 21 countries. They have invested approximately $40.6 billion in these assets. This substantial investment highlights India’s strategic efforts to secure energy resources and ensure energy security by diversifying its sources and establishing a global footprint.
Minister Puri stated, “By assessing performance and exploring new opportunities, we can ensure sustainable growth and energy security for India under the leadership of PM Narendra Modi Ji.”
ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), is a key player in this domain, with investments in various oil and gas assets worldwide. Indian Oil Corporation Ltd (IOCL) has also been active in expanding its international presence, securing crucial energy supplies and collaborating on refining and petrochemical projects.
Similarly, Oil India Ltd (OIL) and Bharat PetroResources Ltd (BPRL) have invested in exploration and production assets overseas, contributing to India’s energy security. GAIL, known for its role in natural gas processing and distribution, has been involved in international projects, securing LNG contracts and participating in pipeline projects. Prize Petroleum Corporation Ltd (PPCL), a wholly-owned subsidiary of HPCL, focuses on upstream exploration and production activities.
The International Cooperation Division of the Ministry of Petroleum and Natural Gas facilitates Indian oil and gas PSUs to aggressively pursue opportunities for acquiring quality oil and gas assets overseas. The division also encourages the companies to diversify oil and gas sources to maintain a balanced portfolio.
Doubts Revealed
Hardeep Singh Puri -: Hardeep Singh Puri is a Union Minister in the Indian government. He is responsible for overseeing various sectors, including energy.
PSUs -: PSUs stands for Public Sector Undertakings. These are companies owned by the government of India.
ONGC Videsh Ltd -: ONGC Videsh Ltd is a company that explores and produces oil and gas in other countries. It is owned by the Indian government.
Indian Oil Corporation Ltd -: Indian Oil Corporation Ltd is a large company in India that refines and sells oil and gas. It is also owned by the government.
Oil India Ltd -: Oil India Ltd is another government-owned company that explores and produces oil and gas, mainly in India.
Bharat PetroResources Ltd -: Bharat PetroResources Ltd is a company that looks for and produces oil and gas. It is part of Bharat Petroleum, a government-owned company.
GAIL India -: GAIL India is a government-owned company that transports and sells natural gas in India.
Prize Petroleum Corporation Ltd -: Prize Petroleum Corporation Ltd is a smaller company that explores and produces oil and gas. It is also owned by the Indian government.
International Cooperation Division -: The International Cooperation Division is a part of the Indian government that helps Indian companies work with other countries to find and secure energy resources.
Energy security -: Energy security means having a reliable and affordable supply of energy, like oil and gas, to meet the country’s needs.