Iraq oil ventures

Oil and Natural Gas Corporation (ONGC) India and Reliance Industries Ltd have joined hands with Sonatrach of Algeria, to secure an oilfield in Iraq. ONGC Videsh, its overseas subsidiary, has joined forces to form a joint venture for production of crude from the Tuba oilfield provided it gets all necessary clearances from the Indian government in the wake of UN sanctions against Iraq. Tuba is situated between the Rumaila and Zubair oilfields in south Iraq, with a possible yield of 300,000 bpd of medium and heavy crude oil. ONGC is planning to invest around USD 200 million in the project, which is stated to have total costs of around USD 500-600 million, with a secure supply for a period of 20-25 years.

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