PFC Energy hired by Oil India

Vol 12, PW 17 (29 Jan 09) News in Brief

Oil India has hired Washington-based consultant PFC Energy to prepare a roadmap on the promises and perils of overseas oil and gas acquisitions.

PETROWATCH learns that within three months, PFC will hand Oil India management a report titled, â€کDevelopment of Strategy for the Acquisition of Oil and Gas Property Outside India.’ "PFC began work on the report in October with a six-month deadline," says an industry source.

"A senior manager and staff from PFC's Kuala Lumpur office are at Oil India's office in Noida." PFC, we hear, will detail a “strategic contextâ€‌ to acquire overseas oil and gas acreage and push senior management to perform better. “Oil India has not been going about its work in a proper manner,â€‌ says an industry source.

“PFC is trying to correct that by analysing its strengths and weaknesses.â€‌ Oil India management routinely boasts it wants to use a significant portion of its $1bn cash surplus to buy a producing oil and gasfield abroad.