March 6, 2018 / 10:41 AM / 8 months ago

India's ONGC, Iranian co join hands to bid for new oilfield in Iran

MUMBAI/NEW DELHI March 6 (Reuters) -

* India’s Oil and Natural Gas Corp Ltd in late February signed an initial non-binding agreement with an Iranian company for developing Susangerd oilfield in south of Iran, company source said

* ONGC Videsh, the overseas arm of ONGC, says it hopes to sign confidentiality agreement with IDRO Oil, a subsidiary of Industrial Development and Renovation Organisation (IDRO) of Iran in the next few days

* ONGC Videsh says IDRO Oil will have to seek an approval from state-owned National Iranian Oil Co (NIOC) for permission of bidding for the discovered oilfield

* ONGC Videsh says deal will be signed purely on commercial and technical terms. It has yet not been decided how much stake will be offered to ONGC

* A mail sent to ONGC Videsh remained unanswered

* ONGC Videsh is also eyeing Iran’s South Azadegan oilfield and seeking development rights for Farzad B gas field (Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai)

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