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India Inc Goes Abroad - MAPE Advisory Group

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The Industry Context<br />

Oil & Gas Sector<br />

Oil & Gas sector accounts for 5.3% of total deal volume and nearly 18.6% of deal value.<br />

Value (US$mm)<br />

900<br />

800<br />

700<br />

600<br />

500<br />

400<br />

300<br />

200<br />

100<br />

0<br />

2000 2001 2002 2003 2004 2005 Q106<br />

Source: Bloomberg, Merger Markets, Mape<br />

GAIL & ONGC account for all the deals made in the sector. Average deal size in the sector is US$122.1mn, far above the average of<br />

US$35.1mn.<br />

Hydro-carbon business is essentially global in nature that all the big players have traditionally been global rather than local. ONGC's<br />

significant foray into international markets signals its transformation from a large domestic player to an emerging global player. ONGC<br />

is expected to continue its foray in international markets with a view to securing equity oil.<br />

Future deals can be expected from downstream players like <strong>India</strong>n Oil Corporation<br />

Select Transactions in the Sector<br />

Value No of Deals<br />

Acquirer Target Country Date Deal Size<br />

(US$mn)<br />

Remarks<br />

Gail <strong>India</strong> Fayum Gas Co. Egypt Jan-04 9.7 19% in the Egypt based city gas<br />

distribution company<br />

Gail <strong>India</strong> NATGas Egypt Aug-04 19.0 15% in Egypt based natural Gas company<br />

Gail <strong>India</strong> China Gas Holdings Ltd. China Feb-05 31.0 10% stake in the Chinese company<br />

ONGC Sakhalin-1 PSA Project Russia Dec-00 323.0 100% in the Sakhalin project from OAO<br />

Rpsneft Oil Company<br />

ONGC Greater Nile Oil Project Sudan Oct-02 766.1 25% in the project from Talisman Energy<br />

Co<br />

ONGC 2 Sudanese Oil Interests Sudan Aug-03 136.5 100% interest in assets from OMV AG<br />

16<br />

6<br />

5<br />

4<br />

3<br />

2<br />

1<br />

0<br />

No. of Deals

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