ONGC and Indian Oil Corp. to Invest in Arabian Gulf Ventures
|Friday, August 03, 2001
Indian Oil Corp and Oil and Natural Gas Corp are teaming up to invest in an exploration block in the Persian Gulf and an oil field in Kuwait. These ventures have yet to be finalized as the Persian Gulf block is in the negotiating stage and the participating interest for the Kuwait oil field has not yet been finalized. IOC is India's largest refining firm while ONGC is the country's biggest exploration and production company. The state-run firms have also jointly bid and won contracts under the second round of India's New Exploration Licensing Policy (NELP-II). NELP is a key liberalization plank of energy-deficient India's decade-old reform program and is aimed at lifting the country's declining crude output.