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