RAJYA SABHA
A consortium of
Indian Companies, namely, ONGC-Videsh Limited (OVL), Indian
Oil Corporation Limited (IOC) and Oil India Limited (OIL) signed
an Exploration service Contract with National Iranian Oil Company
(NIOC) on 25.12.2002 for the Farsi offshore block in Iran. The
participating interest of three consortium members OVL, IOC
and OIL is 40%, 40% and 20% respectively. The projected investment
by the consortium in the block is of the order of US$ 38 million
(Rs. 186 crore approximately) and the initial works for exploration
of the block have already started.
The above information
was given by the Minister of State for Petroleum & Natural
Gas, Shri Santosh Gangwar, today in the Rajya Sabha in a written
reply.
