Union Minister Hardeep Singh Puri Reviews Overseas Assets of Indian Energy PSUs

Union Minister Hardeep Singh Puri reviewed the global assets of Indian energy sector PSUs. With investments of $40.6 billion across 21 countries, the focus is on ensuring energy security and sustainable growth for India.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has reviewed the international assets held by India's energy public sector undertakings (PSUs). This review covers major entities like ONGC Videsh Ltd (OVL), Indian Oil Corporation Ltd (IOCL), Oil India Ltd (OIL), Bharat PetroResources Ltd (BPRL), GAIL India, and Prize Petroleum Corporation Ltd (PPCL).

Currently, these Indian PSUs have established a significant global presence with a total of 45 assets spread across 21 countries, registering a cumulative investment of approximately USD 40.6 billion. Puri emphasized the importance of these investments as part of India's strategic efforts to secure energy resources. He stated, "By assessing performance and exploring new opportunities, we can ensure sustainable growth and energy security for India under the leadership of PM Narendra Modi Ji."

Key players like ONGC Videsh Ltd (OVL) have invested heavily in global oil and gas assets. Indian Oil Corporation Ltd (IOCL) has also expanded internationally, focusing on essential energy supplies, refining, and petrochemical projects. Similarly, Oil India Ltd (OIL) and Bharat PetroResources Ltd (BPRL) are investing in exploration and production to bolster energy security. GAIL is actively involved in natural gas projects and LNG contracts, while Prize Petroleum Corporation Ltd (PPCL) focuses on upstream exploration. The Ministry's International Cooperation Division facilitates these PSUs to aggressively pursue quality oil and gas opportunities and maintain a diversified portfolio.

(With inputs from agencies.)