India is also likely to take up the issue of Block 8 that was allotted to OVL by the Saddam Hussein regime in 2000, before the breakout of conflict with the US.
NEW DELHI: When petroleum minister Murli Deora takes part in the joint commission meeting with Iraq tomorrow, India is likely to push for a proposal of ONGC Videsh Ltd and Reliance Industries Ltd to work on the Tuba field in Iraq. The meeting would be co-chaired by Iraqi oil minister Hussein Shahristani.
India is also likely to take up the issue of Block 8 that was allotted to OVL by the Saddam Hussein regime in 2000, before the breakout of conflict with the US. OVL had done some initial work on the block that is said to have considerable crude oil reserves. Official sources said India might refrain from proposing Algeria’s Sonatrach’s name as part of the consortium. “We would evaluate the response of Iraqi side first before getting Sonatrach into the venture,” said an official.
Iraq has proved oil reserves of 112 billion barrels, second only to world’s largest oil nation Saudi Arabia. It is seeking India’s help in increasing its refining capacity that is much less than the country’s domestic consumption of petroleum products. OVL managing director RS Butola said, “We have good relations with Iraq. We have worked there in the 70s and now look forward to working there again.”
On the Tuba field, Butola said, “We will be pursuing it in consortium with an Indian company.”He said OVL was waiting for Iraq to enact its hydrocarbon law and then take part in exploration and development of oil fields there. Butola said OVL was ready to extend training commitment to Iraq. The exploration and development Contract for Exploration Block - 8, Western Desert, Iraq was signed by OVL with the Oil Exploration Company of Iraq, on November 28, 2000, at New Delhi. The block has a reserve expectation of about 645 million barrels.
The estimated proved and possible reserves in Abu-Khema of this block is about 54 million barrels. OVL was to reprocess and interpret existing 2-D seismic data. It was also to acquire, process and interpret 1,000 km of 2D and carry out 300 sq km of 3D seismic survey besides drilling two wells.
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