Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
ONGC Videsh, the foreign arm of Oil and Natural Gas Corporation, is in talks with Venezuelan state oil company Petroleos de Venezuela S.A for a stake in the Tomoporo oilfield containing about one billion barrels of recoverable light crude reserves.
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