Oil deals on cards during PM Modi's US visit

New Delhi: With political uncertainty becoming contagious in the Gulf and Middle East, India is looking at the US for its energy security and some of the deals could be on the cards involving PSU petroleum and natural gas (P&NG) majors like ONGC and Indian Oil during Prime Minister Narendra Modi's US visit.

As PM Modi is scheduled to meet top corporate honchos of US energy giants, the possibility of Indian P&NG majors picking a stake in American oil companies could be expected.

"Indian P&NG companies, either public sector or private, could be part of the deal," said an industry source.

Prime Minister Modi is in the US from September 21-27 to address the UN General Assembly and hold bilateral talks with the US President Donald Trump. During his agenda-heavy visit, a CEOs roundtable is also scheduled where he would be meeting top executives of several Fortune 500 companies.

Sources said that CEOs of 16 leading US companies will attend the roundtable with the Prime Minister in Houston on Saturday.

Some of the top firms whose top bosses would attend the meeting are Baker Hughes, BP, Cheniere Energy, Dominion Energy, Emerson Electric Company, ExxonMobil, IHS Markit, LyondellBasell Industries and Total.

In the wake of recent drone attack on Saudi Aramco's oil assets which sent global crude price soaring due to supply disruption, India is looking to widen its supplier base.

Public sector oil companies including Indian Oil Corp are likely to use the PM's US visit to strike oil purchase deals or picking a stake in oil assets there.

Indian energy behemoth ONGC has invested in some of the oil and gas assets overseas. It has invested in oil assets in Russia and other countries to ensure India's long-term energy security.