State run Indian Oil Corporation stated that it has earmarked USD 1 billion for the accomplishment of developing exploration or good-quality production and production assets abroad.

The chairman of IOC Mr. BM Bansal expressed that they are looking out for high-quality assets abroad. And they have set aside USD 1 billion for attainment of producing or mounting E&P assets abroad.

He further stated that the corporation which is having 35% stake in Venezuelan E&P assets worth USD 700 million, shall have an additional state run company, Oil India Ltd, as its JV partner for any acquisitions for five years which shall happen overseas.

Mr. Bansal expressed more on this matter that IOC shall gaze at shale gas options in US as well. He further added that The Oil Ministry has sent a commission to the US to evaluate opportunity there and hence they are in regular touch with the Ministry.

In India itself IOC has shown interest in shale gas, but none of the player here has the technical expertise that is required for shale gas exploration. Mr. Bansal said further that The Director General of Hydrocarbons is trying hard to evaluate shale assets in India and they shall bid for the blocks when the rite moment appears.