Oil India Eyes Stake in Petroceltic's Algerian Gas Asset

Oil India Ltd is in talks with Irish firm Petroceltic to acquire up to 20 per cent in an Algerian natural gas asset of the company for $170 million, Business Standard reported.

“This will be a natural gas producing asset. We would be paying $20 million upfront and the rest at a later stage. The deal will be sealed in the next few months,” a senior Oil India official said on Monday, the newspaper reported. Petroceltic is the operator under the Isarene PSC and holds a participating interest of 56.625%.

Last month, OIL and ONGC bought a 10 per cent stake in the Rovuma Area 1 block, off Mozambique's coast, from Videocon Group.

The Oil India official, however, refused to divulge details about how the state-run firm would finance the deal, Business Standard said.