Thursday, June 10, 2004

OVL may take stake in Iran oil fields -

OVL may take stake in Iran oil fields - "OVL may take stake in Iran oil fields

Flagship overseas firm ONGC Videsh Ltd is likely to get a 20 per cent stake in Khusk and Hosseineieh oil fields in Iran on nomination basis.

Sources in the Ministry of Petroleum and Natural Gas said Iran has offered 20 per cent share (equal to 60,000 barrels per day or 3 million tonnes of crude oil annually) in Khusk and Hosseineieh fields in exchange for India buying 5 million tonnes of LNG from Tehran.
OVL would be accommodated after Tehran selects operators of the two fields through a bidding round by September-end. OVL would have to participate in the bidding process.
Initially, Iran was keen on getting OVL on board the giant South Azadegan oil field but operator Japan has yet to approve any participation of another party in the field. "


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