and Natural Gas Corp, through its overseas investment
arm ONGC Videsh Ltd, and Reliance Industries Ltd. (RIL)
are discussing the possibility of jointly developing
the Tuba oil field in southern Iraq.
is the first time that public sector and RIL, which
have competed aggressively against each other, would
join hands overseas, if the consortium works out.
in 2000 ONGC Videsh, RIL and Algeria's Sonatrach had
tried to secure the field in Iraq for production of
crude oil, an idea which ONGC and RIL are keen to revive.
The public sector ONGC has also tried to interest the
Algerian firm to revive the consortium
to pursue the opportunity jointly.
and RIL were expected to hold a 30-per cent stake each
in the project-specific consortium and Sonatrach would
hold the remaining 40 per cent. Iraq regions will shortly
be granted powers to directly negotiate oilfield contracts
with foreign investors.