NEW DELHI: OVL's consortium partner in the exploration block is U.S. based technical consultancy company IPR, which holds equity in several companies across the world. "Of the 11 blocks on offer for exploration by Syria, we had bid for block No. 24 which is southeast of Al-Rakkah town. The block covers around 2,800 sq km and has been partly explored," Atul Chandra, managing director of OVL, told IANS. "It is considered a good block and the consortium expects a reasonable size discovery of oil and gas," said Chandra. Syrian Oil Minister Ibrahim Haddad had announced Monday in Damascus the award of blocks to five foreign companies, the official said. U.S based Ocean Energy Incorporated, Canada's Stratic Energy, Chinese state oil major CNPC, a Russian firm and Dutch oil major Royal Dutch/Shell were the other companies selected for award of blocks for exploration and development at sites in the north and east of Syria. "We hope to be invited soon for formal negotiation and signing of contract," said Chandra. While OVL is currently the major partner in the consortium with 60 percent holding, Chandra said, "We were open to other Indian state-owned oil companies taking a stake in the consortium from our share." OVL has an understanding with the state-owned Indian Oil Corporation and Oil India Ltd for joining its foray overseas for equity stake and exploration operations, and has in the past had them join its ventures including in Iran. Dependent on imports for 70 percent of its domestic requirement, India sees good prospects for exploration and securing future supplies in Syria, which is presently producing around 25 million tonnes of crude oil annually. "With very large areas of Syria still unexplored, we hope to look for further opportunity in that country should the opportunity arise," said Chandra. The oil major is also open to joining other companies as consortium partners in Syria.
Source: IANS