New Delhi, Nov. 26 ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, and Oil India Ltd (OIL) are exploring the possibilities of bidding for oil and gas fields in Iraq.
The Minister of State for Petroleum and Natural Gas, Mr Jitin Prasada, informed the Lok Sabha on Thursday that “OVL is looking into the possibility of bidding for oil and gas fields in Iraq. Preliminary discussions are being held with qualified oil companies for joint bidding in Iraq.”
“Oil India is also exploring the possibility of participation in exploration and production in Iraq,” he said.
Last year, Iraq had come out with the list of 35 companies that had qualified for bidding in the first licensing round for oil and gas fields in that country. OVL was the only Indian company that had qualified for the first round. It had, however, not got any blocks in the first round. The company now plans to bid for the second licence round which is to take place next month.
Oil India, along with other international companies, has qualified to bid for the second round. Iraq holds over 115 billion barrels of crude oil reserves.
Source : http://www.thehindubusinessline.com/2009/11/27/stories/2009112750460300.htm
