ONGC Videsh Limited OVL has right to 30% stake in Iranian gas field

Share with Your Friends

Recently, ONGC Videsh Limited has acquired the rights of 30% stake in the Iranian gas field.

In the year 2020, Iran decided to give a local company the right to develop the Farzad-B gas field located in the Persian Gulf. Despite this decision, India claims that the Indian consortium, led by ONGC Videsh Limited (OVL), has the right to acquire a 30 per cent stake in the sector.

The Indian consortium is the original licensee and research unit in this field. Therefore it has the right to acquire 30 percent stake in the project related to the development of this reserve and production of gas on contract basis.

ONGC Videsh’s primary business is exploration of oil and gas fields, including exploration, development and production of oil and gas outside India.

ONGC Videsh Limited OVL’s current overseas assets

Commonwealth of Independent States and in the Far East –

Azerbaijan (in the Caspian Sea and Baku), Bangladesh (in the Bengal Basin), Myanmar (in the Rakhine Coast), Russia (in Sakhalin, Siberia) and Vietnam (in the South China Sea’s Nam Con Son Basin’).

In the Middle East –

Iran (The Persian Gulf), Iraq (The Western Desert), Syria (The Euphrates-Graben) and the United Arab Emirates (Zakum).

In Africa –

Libya (in the Cyrenaica Basin), Mozambique (in Rovuma) and South Sudan (in the Greater Nile Oil Project).

Latin America – 

Brazil (in Campos and Sergipe Basin), Colombia (in Velasquez) and Venezuela (in the Orinoco Belt).

About the OVL

It is a Miniratna enterprise under the administrative control of the Ministry of Petroleum and Natural Gas. It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).

Source – The Hindu

Download Our App

MORE CURRENT AFFAIRS

 

Click to Join Our Current Affairs WhatsApp Group

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilation & Daily Mains Answer Writing Test & Current Affairs MCQ

In Our Current Affairs WhatsApp Group you will get daily Mains Answer Writing Question PDF and Word File, Daily Current Affairs PDF and So Much More in Free So Join Now

Register For Latest Notification

Register Yourself For Latest Current Affairs

December 2022
M T W T F S S
« Nov    
 1234
567891011
12131415161718
19202122232425
262728293031  

Mains Answer Writing Practice

Recent Current Affairs (English)

Current Affairs (हिन्दी)

Subscribe Our Youtube Channel

Register now

Get Free Counselling Session with mentor

Download App

Get Youth Pathshala App For Free

Open chat
1
Youth Destination IAS . PCS
To get access
- NCERT Classes
- Current Affairs Magazine
- IAS Booklet
- Complete syllabus analysis
- Demo classes
https://online.youthdestination.in/