An Indian oil firm, Essar Global Limited, has unveiled its plans to invest about $60 million
An Indian oil firm, Essar Global Limited is likely to invest about $60 million to develop an anticipated oil and gas field in Nigeria.
Essar Exploration & Production Ltd CEO Shishir Agrawal, who disclosed the proposed investment recently said that his company planned to raise output through its oil field planned for Nigeria, India and Canada with about $200 billion.
Commenting on how to raise the fund, Arawal said that the company planned to raise about $200 million on its own account and borrow the rest for the three-year spending plan.
According to him, Essar was proposing to bid for oil blocks in Africa, Central and Southeast Asia, and India.
"We want to grow in the exploration and production business. We want to grow by taking acreages in India and overseas," he said.
Developing two fields that Essar acquired in Myanmar in 2005 may cost as much as $1 billion. Another $500 million is needed for the Ratna fields, off India's West Coast, Agrawal said.
