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Essar to Acquire Oil and Gas Blocks in Africa

Source: Reuters 10/21/2010, Location: Africa

Essar Oil, India's second-largest private refiner, is eyeing oil and gas exploration blocks in Africa to secure crude oil supplies for its refineries in India and Kenya, the Economic Times reported on Thursday, citing the company's managing director.

"The company is evaluating all prospects and will soon finalise few of them," Naresh Nayyar told the newspaper.

He did not give details of the properties Essar may acquire, but the paper cited unnamed people familiar with the development as saying Essar had identified at least six blocks in countries such as Nigeria, Libya and Madagascar where it may buy stakes or entire assets.

Essar Oil already has interests in some oil and gas blocks in Africa, India and Vietnam, the paper said.

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