(a) the details of acquisitions made by the public sector oil companies during the last three years and their acquisition cost along with the number of fields where production has been started;
(b) whether the Government has formulated any guidelines for acquisition in foreign countries by such companies and if so, the details thereof; and
(c) the details of emergency clauses in such agreements regarding acquisitions made between the public sector oil companies and the host countries?
THE MINISTER OF PETROLEUM AND NATURAL GAS (SHRI DHARMENDRA PRADHAN)
(a) to (c): A statement is laid on the table of the House.
STATEMENT REFFERED TO IN REPLY TO PARTS (a) TO (c) OF LOK SABHA STARRED QUESTION NO. 372 BY SHRI ARVIND SAWANT AND SHRIMATI BHAVANA PUNDALIKRAO GAWALI PATIL TO BE ANSWERED ON 07TH JANUARY, 2019 REGARDING ACQUISITIONS BY OIL COMPANIES
(a) Indian Public Sector Oil and Gas companies, till December 2018, have acquired stake in 28 countries, including Australia, Azerbaijan, Bangladesh, Brazil, Canada, Colombia, East Timor, Gabon, Indonesia, Iran, Iraq, Israel, Libya, Mozambique, Myanmar, Namibia, New Zealand, Nigeria, Oman, Russia, South Sudan, Sudan, Syria, USA, UAE, Venezuela, Vietnam, Yemen. In the last three years, Indian oil and gas companies have acquired assets in Russia, UAE, Namibia, Israel and Oman of which Russia, UAE and Oman are producing assets. A chart containing the details of acquisitions made in the last three years is at Annexure-I.
(b) As a general approach, in order to augment India’s energy security, Government has been encouraging Indian Public Sector Oil and Gas companies to aggressively pursue overseas equity hydrocarbon opportunities.
(c) In all agreements, there are clauses relating to Force Majeure.
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