(LiveMint)
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp. (ONGC), has signed a pact with Iran’s IDRO Oil to jointly bid for a $1 billion contract for development of Susangerd oilfield in southern Iran. The onland Susangerd field in the Khuzestan province is one of the newest finds, which Iran hopes will produce around 30,000 barrels per day of oil in two development phases.
OVL signed a Memorandum of Understanding (MoU) to collaborate with IDRO Oil, which is a subsidiary of state-run Iranian Development and Renovation Organisation, in developing Susangerd field, official sources said. IDRO Oil had last month signed a similar pact with Russia’s Zarubezhneft to jointly bid for a contract to develop the Susangerd field.
The Iranian firm is looking at forming a consortium to make a case with the state-owned National Iranian Oil Co. (NIOC) for a contract for Susangerd, according to an Islamic Republic News Agency (IRNA) report citing IDRO CEO Nasrollah Zarei. IDRO Oil is one of 17 eligible contractors that have received the Iranian oil ministry’s nod to be a lead partner in joint ventures to work in the country’s energy sector. In May last year, it signed an agreement with NIOC, which is the owner of all oil and gas in Iran, to study three fields including Susangerd.
