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ONGC Videsh, Iran’s IDRO Oil sign accord’

ONGC Videsh, Iran’s IDRO Oil sign accord’

Context:

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
  • Location-Iran
  •  Estimated to hold more than 5 billion barrels of in-place reserves.

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