India’s OVL signs Syrian oil contract
ONGC Videsh (OVL), a subsidiary of India's state-owned Oil and Natural Gas Corporation (ONGC), has signed a production sharing agreement with the Syrian Government for exploration block 24.
Block 24 is 40 percent controlled by US-based oil firm IPR Transoil. OVL will hold the remaining 60 percent, of which 10 percent will be farmed out its sister company Oil India, stated a press release.
OVL was formed to augment the hydrocarbon reserve base of ONGC through global activities and acquisitions. ONGC Videsh holds equity stakes in oil and gas fields in Russia, Iraq, Algeria and Vietnam. Its largest investment is its 20 percent stake in the Sakhalin field offshore eastern Russia, acquired for $1.7 billion. — (menareport.com)
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