India is exploring the possibility of picking up stakes in explored oil and gas blocks in South America.
The country is also planning to join hands with another energy guzzler China to collectively bargain with oil producers.
Petroleum ministry officials said the two countries have already formed a working group to frame negotiation strategies and counter the bargaining power of oil cartel Opec.
Invitations have been sent to Japan and Korea to be members of the buyers club. Analysts said the proposed buyers group would significantly change the energy market globally and ensure an efficient mechanism to set prices.
