ONGC Videsh Wins Acreage Offshore Qatar
Close on the heels of Egypt deal, ONGC Videsh Limited has won the prospective Najwat Najem Oil acreage, located in the Persian Gulf Offshore Qatar. OVL's bid was chosen from among those by a dozen companies, against the bids invited, in June 2004, by the Government of the State of Qatar for this offshore Oil Structure, which is situated in one of the world's most prolific petroleum systems.
The Appraisal, Development and Production Sharing Agreement for Najwat Najem oil structure in Qatar was signed between the Government of the State of Qatar and OVL on 2nd March 2005 at Doha, Qatar by His Excellency Mr. Abdulla Bin Hamad Al-Attiyah, Second Deputy Prime Minister and Minister of Energy and Industry, Government of Qatar and Mr. Subir Raha, Chairman of OVL.
Najwat Najem oil structure is located in the Persian Gulf in offshore Qatar at a distance of about 100 km North East of Doha. The 120 square kilometers offshore acreage designated as Najwat Najem Oil Structure Area is located eastern offshore of the State of Qatar.
The oil structure was discovered several years ago and requires appraisal. The terms of this agreement call for an initial two years appraisal and based on the results, the development and production project will be carried out. This discovered field, to be connected to Halul Island for processing and export, will be operated by OVL.
After signing the Agreement, Mr. Subir Raha sincerely thanked H.E. Mr. Abdulla Bin Hamad Al-Attiyah, Second Deputy Prime Minister and Minister of Energy and Industry, Government of the State of Qatar, for the confidence reposed in the ONGC Group of Companies by providing the operatorship opportunity for the first time in the Persian Gulf, and assured him of safe and efficient operations.
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