NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), may invest over $ 1.5 billion in exploring for oil in a block that was awarded to it by the erstwhile Saddam Hussein regime.
ONGC Videsh Ltd (OVL) to invest $ 1.5 bn in an Iraq oil block - Economic Times
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NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), may invest over $ 1.5 billion in exploring for oil in a block that was awarded to it by the erstwhile Saddam Hussein regime. "We are nearing finality on the contract for Block-8. It is likely to be signed in next six months," an official said. Block-8, located in the western desert in southern Iraq bordering Saudi Arabia and Kuwait, was awarded to OVL in November 2000 by the then Saddam Hussein government. However, the government formed after the US invasion of the oil-rich country, sought re-negotiation of the contract which has now been concluded.ONGC Videsh Ltd (OVL) to invest $ 1.5 bn in an Iraq oil block - Economic Times
