State-run Oil India Ltd has raised a war chest 1.5 to 2 billion dollars and is eying acquisition of small to medium sized oil producing companies overseas.

"There are companies who are facing cash problems because of the global economic meltdown. We are well placed with sizeable amount of fund and would like to use them to buyout these small to medium sized companies or any of their oil producing fields," Oil India Ltd (OIL) Chairman and MD N M Borah said here.