ONGC, Hindujas expected to sign Iran deal
Posted: 31 March 2008
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India’s Oil and Natural Gas Corporation (ONGC) and its partner Hindujas Group may sign a multi-billion dollar deal next month for developing oil and gas fields in Iran according to IRNA news agency.
The ONGC-Hindujas tandem would meet Iranian authorities around mid-April to finalise ‘participating agreement’ for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi last week.
The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan, the report said.
“The next meeting is scheduled tentatively around mid-April... we hope to sign participating agreement (for the two fields) then,” Sharma was quoted as saying.
The development of the two fields is part of the 20 billion dollar investment ONGC and Hindujas have planned together.
Hindujas, together with state-run ONGC’s overseas arm ONGC Videsh Ltd, are to invest eight billion dollars in developing the onshore South Azadegan oilfield and Phase-12 of the offshore South Pars gas field.
Azadegan field will produce 150,000 barrels per day of oil in first phase that would double subsequently, while South Pars Phase-12 would produce 12 million tonnes of gas that would be converted into LNG at a two-billion dollar facility.
Hinduja-ONGC have sought supply commitment for the entire oil produced from Azadegan field and 7.5 million tonnes of LNG from South Pars Phase-12, the report said. |
