Deora suggests a joint venture between OVL and Sonongal

July 4th, 2008 - 11:46 pm ICT by ANI  

Madrid , July 4 (ANI): Minister of Petroleum and Natural Gas Murli Deora on Friday suggested a joint venture between ONGC Videsh Limited (OVL) and Sonongal at a meeting between him and Desiderio da Graca Verissimo e Costa, Minister of Petroleum of Angola on the sidelines of 19th World Petroleum Congress in Madrid , Spain .

OVL, a flagship subsidiary of Oil and Natural Gas Corporation (ONGC) has been short listed to qualify as an operator for the deepwater blocks by the Angolan Authorities.

Deora proposed that OVL for overseas ventures and Angola’s national oil company Sonongal should form a joint venture to participate in the next round of offer on exploration blocks in Angola .

Echoing Deora’s sentiments, Desiderio Costa, said that Angola is open to consider such proposal.

Deora would write to his counterpart while MD OVL would send a formal proposal to the CEO of Sonongal for taking forward the matter.

OVL is the only company from India to cross mark of prequalification of E&P companies which will entitle it to bid for deepwater exploration blocks in Angola as an operator.

Costa informed that Angola is planning to offer more than ten offshore exploration blocks including deepwater blocks for bidding by E&P companies. The bids are likely to be invited after elections later this year.

In addition to the cooperation in the oil and gas sector, Deora, offered Indian assistance to Angola in training and skill development of Angolan personnel. He also extended an invitation to Energy Minister of Angola to visit India .

Indian Petroleum Minister also had bilateral meeting with his counterpart from the Netherlands Maria van der Hoeven, Minister of Energy and Economic Affairs.

Both the Ministers agreed that India and the Netherlands should forge closer relation for cooperation in the hydrocarbon sector including in Carbon Capture and Sequestration (CCS) and build upon the long standing friendly relations between two countries.

Deora was accompanied during the talks by the Indian Ambassador to Spain Sujata Mehta, ONGC CMD R. S Sharma and MD OVL R S Butola. (ANI)

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