Indian ONGC in talks to drill and develop Iraqi oil field

Jul 05, 1999 02:00 AM

India's state-owned oil explorer Oil and Natural Gas (ONGC), is in talks with Baghdad to drill and develop an oil field in Iraq, officials said.
An ONGC official said a five-member team led by S.M. Malhotra, the director of drilling operations, had recently led a delegation to Iraq to discuss details.
According to the initial plans, ONGC would drill and develop at least 100 wells in the giant Tuba oil field and hand them over to the Iraqi authorities. It would get paid in the form of crude oil and the official said the company was hoping for a return of 17 or 18 % above the cost of operations.
"We are looking for a fixed rate of return in the deal. The Iraqis are keen to have us back, but the sanctions are coming in the way," said the official.
Officials said the proposed deal was the result of Indian Petroleum Minister Vazhappady Ramamurthy's recent visit to Iraq, when an agreement was broadly reached to enhance and broaden co-operation between the two countries.
"The matter isvery sensitive as a lot of global oil majors are waiting to get into Iraq once the sanctions are lifted, but we seem to have an advantage due to political reasons," said the official.

Source: AFP via Iinoil
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