Azerbaijan, Baku, Sept. 23 /Trend, E.Ismayilov/
Indian ONGC Videsh Limited displays a strong interest in the exploration and development of Babek prospective structure in the Azerbaijani sector of the Caspian Sea, Company's financial director SP Garg said in Baku at the meeting with the Deputy Minister of Industry and Energy of Azerbaijan Natig Abbasov
Reserves of the Babak structure are estimated at 400 billion cubic meters of gas and 80 million tons of condensate.
The head of Energy Ministry's press service Azer Mensimli said that during the meeting, the Indian side announced its intention to conclude a long-term contract to purchase oil from SOCAR (State Oil Company of Azerbaijan). Currently, the company gets Azerbaijani oil upon tender from the Turkish Port of Ceyhan.
Also during the meeting, the Indian side made an initiative to create a joint venture in Azerbaijan for the production of fertilizers, all products of which will be exported into India.
Garg said India is interested in acquiring energy resources from Azerbaijan. The volume of energy consumption in India will grow five times in the future, he said.
Today, India produces annually 30 million tons of oil and 50 billion cubic meters of gas, and 145 million tons of oil and 30 billion cubic meters of gas are imported to the country.