IOC plans to boost production in Canada

Indian Oil Corp. Ltd (IOC) plans to step up exploration and production activity in Canada and explore sourcing crude oil and liquefied natural gas (LNG) from the country, chairman and managing director Arvinder Singh Sahney said in an interview.

- Rituraj Baruah [e-mail]

“We will be one of the major (Indian) companies (in Canada). We'll be moving ahead. We will be working on several areas with Canada. It may be sourcing crude, sourcing of LNG and it may be exploring there. We generally go ahead with a local partner globally for exploration and we can do more exploration there,” Sahney told Mint.

The push comes as the two countries work on a strategic reset following a change in leadership in Canada, with Prime Minister Mark Carney assuming office, and warming of ties with India. Both countries are also navigating new US tariffs and seek to deepen energy partnerships.