ONGC Videsh, the overseas arm of government-owned ONGC, has signed a cooperation agreement with Iran’s IDRO Oil to jointly bid for a $900 million development plan of Susangerd oilfield in southwest Iran
Previous such agreements:
MoU with Russia’s Zarubezhneft
Susangerd oil field?
- The Susangerd field, discovered in 2009
- Estimated to hold more than 5 billion barrels of in-place reserves.
Know about ONGC:
- Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India.
- It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas.
- It is India's largest oil and gas exploration and production company.
- It produces around 77% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
- Its international subsidiary is ONGC Videsh