Indian consortium strikes oil in Iran
Tuesday, 14 November 2006, 20:30 IST
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New Delhi: A Indian consortium led by state-owned ONGC Videsh Ltd (OVL) has struck oil in three wells drilled in Iran's Farsi exploration block, a company official said on Tuesday. "We have struck oil in the offshore block. It is still too early to talk about the probable reserves and recoverable reserves as we are still in the process of assessing the find," the official said. OVL, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), holds a 40 percent interest in the block and is the operator of the block spread across 6,700 km in the Persian Gulf. The other partners are state-owned refining and marketing major Indian Oil Corporation (IndianOil) with a 40 percent interest and state-owned exploration firm Oil India Ltd holding the remaining interest. So far OVL, which holds stakes in over two dozen exploration blocks spread across 15 countries, has been successful in getting oil and gas from its blocks in Vietnam, Sudan and Russia.
Source: IANS
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