Oil India Ltd has set aside $2 billion for overseas acquisitions, Chairman N M Borah told reporters on Thursday.
“We are currently doing due diligence for 2-3 assets,” Borah said.
He said in May that the company was looking at acquiring stakes in fields in Myanmar and Bangladesh.
The company has acquired stakes in exploration blocks in Libya, Gabon, Iran, Nigeria and Yemen.
This year, Oil India and IOC had submitted a preliminary approach to acquire Syrian-focused oil explorer Gulfsands Petroleum.
India, Asia’s third-largest oil consumer, has encouraged state firms to look for oil and gas fields abroad to secure supplies for its rapidly expanding economy.
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