Breitling Oil and Gas Morning Podcast #98 June 25th, 2012

India and China’s largest oil companies have agreed to jointly explore for oil and gas world-wide, in an attempt to put aside long-standing rivalry and better use their combined financial muscle and expertise to secure energy supplies for their fast-growing economies.

While the two energy-deficient countries already work together on several international oil projects, they also have a long history of bad relations, and of proposing cost-reducing alliances to jointly buy foreign energy assets and crude-oil that mostly have come to nothing.

According to an initial pact signed Monday between state-run Oil & Natural Gas Corp. of India and China National Petroleum Corp., the two will jointly explore assets in other countries, cementing existing partnerships in Myanmar, Syria and Sudan. China has been more successful than India in getting oil and gas equity stakes across the globe, often providing large loans and funding for infrastructure projects in developing nations to tie up deals

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