Indian Oil Corp (IOC) has formed a consortium with ONGC Videsh (OVL), British Petroleum and Occid...
IOC company chairman and managing director M.S. Ramachandran has confirmed that the investment of the two Indian oil companies is pegged at around US$700 million but the total investment in the block is an estimated US$7 billion. Should the bid be successful, the two Indian firms will have a 10% share in the block.
The bidding for the block will take place at the end of the month.
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