- The overseas arm of Navaratna d ONGC, ONGC Videsh, has signed a cooperation agreement with Iran’s IDRO Oil to jointly bid for a $900 million development plan of Susangerd oilfield in southwest Iran.
- The aim of the accord with ONGC Videsh was to form a possible consortium.
- The Susangerd field, discovered in 2009, is estimated to hold more than 5 billion barrels of in-place reserves.
- Iran’s IDRO Oil, Russia’s Zarubezhneft and ONGC Videsh will now set up a joint working group “as soon as possible” and once they reach a final agreement, they would begin negotiations with National Iranian Oil Company (NIOC) for a contract.
- Recently the Government of Mozambique had given its approval for the development plan for the Golfinho-Atum natural gas field in the Area 1 block in the Rovuma Offshore Basin of Mozambique to ONGC.
