By an OGJ Online Correspondent
MUMBAI, Oct. 15 -- ONGC Videsh Ltd., a unit of Indian company Oil & Natural Gas Corp., is negotiating participation in 14-15 oil properties abroad.
OVL was investigating projects in Iraq, Algeria, Myanmar, Indonesia, Nepal, Libya, Iran, Russia, Venezuela, the United Arab Emirates, Sudan, and Viet Nam.
Recently, the Reserve Bank of India approved OVL's plan to invest $5 million in exploration in Iraqi Block 8. OVL is preparing a proposal for a seismic survey of Block 8. Tenders are likely later this month. It estimates development of the block would cost $250 million.
OVL, in partnership with Reliance Industries Ltd. of India and Algerian national oil company Sonatrach, also plans to draft contract by Oct. 20 for participation in an Iraqi oil and gas field at Tuba.
OVL has a tentative agreement for Algerian Block 242, is bidding for a block in Iran, and is negotiating with Pertamina for participation in the Aru-Langkat Block in Indonesia.
It was examining participation in Texana Block in Nepal, the Tpao block in Libya, several oil fields in the Timon-Pechora basin of Russia, and a block in Lake Maracaibo in Venezuela.