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)