OVL strikes oil in Iran
PM News Bureau
An ONGC Videsh led consortium has struck oil at three
offshore exploration wells drilled in the joint venture Farsi block in Iran.
This is the first block where OVL as an operator has struck oil. Geological
testing is going on to determine the extent of the commercially recoverable oil
in the block.
The drilling of the three wells, BB4, BB5 and BB6, was done by ONGC's own rig,
Kedarnath. Altogether four exploratory wells will be drilled in the block.
The Farsi block was awarded to the OVL-led consortium in 2002 by the National
Iranian Oil Company through a bidding process. ONGC will operate this block with
40 per cent stake. Indian Oil Corporation Ltd also holds 40 per cent, while Oil
India has 20 per cent. The block covers 3,500 sq. km. ONGC has a target of
acquiring 20 MMTPA of oil and oil equivalent gas production by 2020.
[20 November 2006]