According to Ernst & Young, the value of oil and gas companies has decreased due to the ongoing economic downturn, making it a good time for Indian companies to buy global assets. Significantly, ESSAR Exploration & Production (EEPL) has become the first Indian oil company to enter Australia by winning two offshore petroleum exploration blocks.
While Indian companies are acquiring E&P assets abroad, sovereign wealth funds from China, the Middle East and Singapore are seeking to acquire E&P assets in India, which is expected to bring in foreign investments worth US$ 10 billion by 2010. And the government recently awarded 44 oil and gas blocks, which is expected to attract investments worth US$ 1.5 billion
While Indian companies are acquiring E&P assets abroad, sovereign wealth funds from China, the Middle East and Singapore are seeking to acquire E&P assets in India, which is expected to bring in foreign investments worth US$ 10 billion by 2010. And the government recently awarded 44 oil and gas blocks, which is expected to attract investments worth US$ 1.5 billion
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