Oil blocks or blocked oil?

Videocon is bidding to sell its stake in a large Mozambique gas field, and intends to use the windfall profits so gained to repay debt. It, however, intends to retain its interest in some Brazilian oil fields, the intention being to swap South American oil with substitutes closer home in order to feed the domestic market. The government-owned Oil and Natural Gas Corporation (ONGC) does the same with its share of Sakhalin oil, from off Russia's Siberian coast. Indian companies have also been prospecting for oil and gas, and buying up coal mines, in places as far apart as Vietnam and Sudan, Australia and Central Asia - all of it to fuel a domestic economy which meets most of its energy needs with imports.

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