Videocon Industries is planning to invest Rs.1,500 crore in its oil and gas exploration activities in India and abroad.

Out of the total investment the company plans the following:

• To invest close to $50 million (Rs.250 crore) on its Ravva oil and gas field in the country.
• Around $100 million (Rs.450 crore) has been lined up for investing in the Block 56 in Oman, awarded recently to the consortium of Oilex, Videocon, GAIL and BPCL. (see related news)
• About $50-$100 million has been lined for undertaking exploration activities in Australia

Videocon has also bid for two blocks in Jordan and has already tied up with the Australian oil major, Oilex, to bid for exploration blocks being offered under NELP-VI.

Block 56 is located onshore, adjacent to producing fields operated by PDO, the Oman national oil company, in the South Oman Salt Basin, which is one of the main producing basins in the Gulf country. Besides, Videocon is exploring possibilities to secure exploration and production rights in countries like Jordan, Yemen, Ukraine and Nigeria.

Videocon is also joining the consortium of Oilex and Gujarat State Petroleum Corporation, HPCL and BPCL, with a 20 per cent participating interest, to bid for another block in Australia-W05-11.

Also See:

Gail-Oilex consortium wins Oman block (01-Apr-06)