News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 18 years ago
Rediff.com  » Business » India, Norway to explore for oil in Gulf region

India, Norway to explore for oil in Gulf region

Source: PTI
August 30, 2005 19:12 IST
Get Rediff News in your Inbox:
Oil and Natural Gas Corporation ONGC will tie-up with Norway's state-owned oil firm Norsk Hydro to jointly explore for oil and gas in the Gulf region.

Petroleum Minister Mani Shankar Aiyar, who is on an official visit to Norway, is pushing for a tie-up between Indian and Norwegian firms for exploration in India and third countries, said Talmiz Ahmad, additional secretary (international cooperation), ministry of petroleum and natural gas.

Speaking from Stavanger, Ahmad, who is accompanying Aiyar, said that ONGC and Norsk Hydro were negotiating a memorandum of understanding on joint collaboration and the pact was likely to be signed this week.

"They have shown interest in participating in our E&P. We have also shown interest in exploring in their seas," he said.

A consortium of Indian Oil Corporation and Oil India Ltd is also talking to Statoil of Norway for a similar exploration tie-up particularly for Russia.

"Discussions between IOC-OIL and Statoil are at an advanced state and an MoU is to be signed in 2-3 weeks time," he said.

He, however, did not give details. Aiyar during his visit would push for a tie-up with Norway in areas of research and development, technology, safety and training.

"The minister's visit is to explore possibilities of collaboration in third countries particularly in the Caspian Sea region, Africa, Latin America and the Gulf region," he said.

Ahmad said Norwegian petroleum directorate, Norway's upstream oil regulator, has the potential of becoming a model for India's Directorate General of Hydrocarbons - which the government wants to make the regulator for upstream oil and gas exploration and production business.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!