An Indian consortium has won an exploration and production-sharing contract with the National Iranian Oil Company (NIOC) for the Farsi oilfield in Iran, off the Persian Gulf. The deal is for four years and has an estimated value of $27 million, reported IRNA.
India’s ONGC Videsh, Indian Oil Corporation and Oil India will drill four exploration wells at Farsi. ONGC Videsh will be lead operator in the oil field, holding a 40 percent stake in the venture. Indian Oil will also hold 40 percent of the shares and Oil India will hold the remaining 20 percent.
ONGC Videsh 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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