ONGC likely to bid for Iraqi oilfield

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ONGC likely to bid for Iraqi oilfield
New Delhi, Dec 9: Oil and Natural Gas Corporation, along with Oil India Ltd and Turkish Petroleum Corp (TPAO), is likely to bid for Iraq's giant Halfaya oilfield, industry sources said.

According to sources, Russia's Gazprom would also join ONGC Videsh Limited (OVL), the overseas arm of the state-run explorer, in Iraq's second post-war bid round on Dec 11-12.

Turkish Petroleum will have 50 pc interest in the consortium, while OVL would hold 30 percent. OIL would keep the remaining 20 percent.

In case the Russian firm joins the consortium, the shareholding of TPAO and OVL may be reduced.

Sources said, "The Indians may face competition from French energy major Total SA while Royal Dutch/Shell is believed to have studied the Halfaya field, which would require an investment of USD 8-10 billion for beginning production."

OVL along with OAO Gazprom and TPAO had bid for Zubair oilfield in the first Iraqi licensing round in Jun 2009 but lost it as the remuneration it sought was much higher than USD 1.90-2 a barrel that Baghdad was willing to pay.

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