Indian Company Studies Data on Azerbaijani Offshore Oil and Gas Field

Oil&Gas Materials 20 February 2008 15:34 (UTC +04:00)

Azerbaijan, Baku, 20 February / corr Trend V.Sharifov / The Indian company ONGC Videsh Ltd has acquired a package of geological data on the Nakhchivan offshore field development project, the State Oil Company of Azerbaijan (SOCAR) said on 20 February.

"As soon as the company gets familiar with these documents, there will be a possibility of further talks on signing of contracts," SOCAR said.

ONGC is interested in other onshore and offshore projects in Azerbaijan and willprobably participate in one of them.

Earlier a foreign company which operated on the Nakhchivan field did not find any commercial hydrocarbon reserves. The Production Sharing Agreement on Nakhchivan field was signed on 1 August 1997. Participants in the contract are ExxonMobil with a 50% and SOCAR with a 50% stake.

ONGC Videsh Ltd is a state-run company which controls 80% of production of energy resources in the country. ONGC Videsh Ltd is also active in 15 countries, where it implements drilling, exploitation and refinery. Azerbaijan played a considerable part in establishing the company in the 1950s, Butola noted.

The Indian company is also interested in participating in the reconstruction of Azerbaijani oil refinery enterprises with the use of modern technology and intends to invest in this project.