ONGC Videsh, Iran’s IDRO Oil sign accord

By John Lee.

India’s ONGC Videsh has reportedly signed a cooperation agreement with Iran’s IDRO Oil (Gostaresh Iranian Oil And Gas Industries Development Company) to jointly bid for a $900-million plan to develop the Susangerd oilfield in Khuzestan province.

The field, discovered in 2009, is estimated to hold more than 5 billion barrels of in-place reserves.

IDRO Oil managing director Nasrallah Zarei is quoted as saying that IDRO Oil, Russia’s Zarubezhneft and ONGC Videsh will set up a joint working group “as soon as possible”, and once they reach a final agreement, they will begin contract negotiations with the National Iranian Oil Company (NIOC).

(Sources: The Hindu, Economic Times)

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