India's Essar Oil eyeing Kurdistan oil blocks
MUMBAI, May 30 (Reuters) - Indian oil refiner Essar Oil Ltd (ESRO.BO: Quote, Profile, Research) is keen to own oil and gas blocks in Iraq's largely autonomous northern Kurdistan region, a senior official said on Friday.
The Kurdistan Regional government has already awarded production-sharing contracts to foreign companies including India's top listed company Reliance Industries Ltd (RELI.BO: Quote, Profile, Research). The move has angered Iraq, which has threatened to blacklist the firms.
"The prospects for the blocks in the region are very good," S.R. Agrawal, Chief Executive of Essar's exploration and production unit said on the sidelines of an analysts' meeting.
Essar Oil has a 210,000 barrels per day refinery which it aims to expand to 1 million barrels a day within three years.
It hopes to own oil blocks that would supply nearly a third of the refinery's capacity in about seven years, Agrawal said.
Essar currently owns a few blocks, largely exploratory, in India, Vietnam, Nigeria and Madagascar and has also bid for blocks in Australia.
Full story: http://uk.reuters.com/article/oilRpt/idUKBOM28215620080530
