India on Wednesday stepped-up diplomatic initiative to secure a Sudanese oil field, by asking Malaysia to support ONGC Videsh Ltd in picking up 25 per cent stake in the Greater Nile Oil Project.
Minister for Commerce and Industry Arun Jaitley is understood to have raised the issue with visiting Malaysian Minister for Primary Industries Lim Keng Yaik at a meeting in New Delhi, official sources said.
Jaitley sought Kuala Lampur's intervention in the wake of Malaysian oil major Petronas blocking OVL's bid for buying Canadian Talisman Energy's stake in the 230,000 barrels a day project.
OVL, the overseas arm of Oil and Natural Gas Corporation, has not been able to sign a deal for GNOP in spite of firming up acquisition price as partners in the project Petronas (25 per cent) and CNPC of China (40 per cent) exercised their contractual first right to buy Canadian firm's stake for $720 million - the price agreed between Talisman and OVL.
India is believed to have asked Malaysia to prevail over state-owned Petronas to get its re-emption right waived off, sources said.
OVL's investment would give India close to three million tonnes of crude oil annually from the field, which currently produces 12 million tonnes.
Greater Nile Oil Project consists of four blocks in the Muglad Basin and a 1,500 km pipeline from the producing fields to Port Sudan on the Red Sea.
The field has oil reserves of 176 million barrels and more oil is likely to be discovered upon complete development of the field.
