Roadmap on oil, gas PSU integration likely this fiscal

India's Oil Minister Dharmendra Pradhan speaks on phone during an interview with Reuters in New Delhi, India, May 5, 2016. To match Interview INDIA-ENERGY/ REUTERS/Adnan Abidi - RTX2D2M7

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The roadmap on consolidation of various Indian oil and gas public sector undertakings should become clear in the current financial year, according to Minister of Petroleum and Natural Gas Dharmendra Pradhan.

"The government has given a roadmap. Companies are talking to each other. We expect roadmap on PSU oil and gas consolidation to be clear in FY18," Pradhan said at Network18's Global Natural Resources Conclave.

The government is keen to create large integrated oil and gas companies in the country in order to have the wherewithal of taking very large projects both in India and abroad. The government has the model of oil and gas giants like Saudi Aramco and Russia's Rosneft to base its ambition on.

Three months back, speculation was rife that the government planned to merge Oil and Natural Gas Corp and Hindustan Petroleum Corp to create an integrated oil and gas explorer and refiner.

Pradhan said the government was not looking to create only one behemoth but rather have more than one integrated entity.