India, Iran to Ink Deal for Pars Oil Field Next Week
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation, will be the lead operator in the oil field, IRNA reported.
The Indian consortium has been awarded as part of Iran's tendering of the Pars field which holds huge oil and gas reserves.
The Indian consortium has proposed to spend approximately 1.3 billion rupees over the next four years on drilling activities.
The Pars field, which has already two wells spewing oil, is estimated to have a hydrocarbon reserve equivalent to 500 million barrels of crude.
The Iranian field covers an area of 3,500 square kilometers with depths in the range of 20-90 meters.
An ONGC-reliance consortium has also bid for one onshore oil field in Iran. ONGC Videsh is also looking at oil and gas fields in Sudan, Oman, Libya, Yemen. India has already made huge investments in Vietnam and Russia's Sakhalin.
ONGC had worked in Iran earlier as part of the Iminoco consortium and discovered two offshore fields at Rokh and Rostam. The Iminoco consortium consisted of Hydrocarbons India (ONGC's overseas investment vehicle), Agip, Phillips Petroleum and NIOC.