OIL INDIA JOINS THE RESTRUCTURING FAD

Vol 3, PW 12 (07 Jul 99) News in Brief
     

Oil India, the countrys junior state-owned explorer, is the latest to joint the race to "restructure", "downsize" and "refocus".

This report learns the company has short listed AT Kearney, Ernst & Young and one other firm for the mandate to take the company into the next century. The last date for submitting bids was Monday (5 July).

Unlike ONGC, Oil India has seen its average annual production rise over the last ten years. In the last financial year it recorded annual production of 3.29m tonnes, the highest since it creation.

Gas production was put at 1.713bn cubic metres. Oil India has exploration agreements with Total of France and Premier Oil of the UK.