‘ONGC Videsh, Iran’s IDRO Oil sign accord’

‘ONGC Videsh, Iran’s IDRO Oil sign accord’

Context:

ONGC Videsh has signed a MoU to collaborate with IDRO Oil in developing Susangerd field

What has happened?

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp. (ONGC), has signed a pact with Iran’s IDRO Oil to jointly bid for a $1 billion contract for development of Susangerd oilfield in southern Iran.

About Susangerd Field:

• The onland Susangerd field is located 45-kilometres west of the city of Ahvaz in the Khuzestan province
• It was discovered in 2009
• It is estimated to hold more than 5 billion barrels of in-place oil reserves
• Of these, 500 million barrels are recoverable.
• Iran hopes that will produce around 30,000 barrels per day of oil in two development phases.

Joint Working group:

• IDRO Oil had last month signed a similar pact with Russia’s Zarubezhneft to jointly bid for a contract to develop the Susangerd field.
• The Iranian firm is looking at forming a consortium to make a case with the state-owned National Iranian Oil Co (NIOC) for a contract for Susangerd

Development plan for the Golfinho-Atum natural gas field

• The Government of Mozambique had given its approval to ONGC Videsh for the development plan for the Golfinho-Atum natural gas field in the Area 1 block in the Rovuma Offshore Basin of Mozambique.
• The plan outlines the integrated development of the Golfinho-Atum field through an initial two train onshore liquefaction plant with a total processing capacity of 12.88 million metric tonnes per annum (MMTPA).