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OIL India May Partner Gabon Govt to Buy Maurel's Assets

Source: Reuters 11/14/2011, Location: Africa

State-run explorer Oil India plans to buy Gabon assets of France's Maurel et Prom and may partner the African country for the purchase, the Indian company's chairman said on Monday.

"There are various options before us. We could partner Gabon government for Maurel et Prom's Gabon assets," N. M. Borah told reporters. "It is a very good strategic fit for us."

The explorer is now focusing on acquiring producing assets overseas as it has many exploration blocks in its portfolio, Borah said. Oil India, which reported a 24.3 percent jump in its July-September net profit earlier, has about 135 billion rupees ($2.7 billion) as cash reserves. "Our efforts are to have some participating interest in producing property.... We do need to put this money onto best use as soon as possible," he said.

Borah said Oil India has done technical due diligence and partially completed financial due diligence of Gabon assets. "We have some questions in mind and we are trying to get them addressed." The company has hired Deutsche Bank for valuation of Maurel's Gabon assets, a source privy to the deal said. Separately, the source said that India may sell 10 percent stake in Oil India during the next fiscal year starting in April.

Maurel et Prom has 9 permits in Gabon, the company's website showed. Its four fields are producing and two more are expected to begin production, a June 29 presentation on its website showed.

Oil India is also looking at buying shale gas assets in the Unites States, Latin America and Australia, Borah said. Oil India, which operates mostly in India's North East region, holds participating interest in overseas assets in Libya, Gabon, Iran, Nigeria and Sudan.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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