RIL,OVL to bid jointly for oil blocks in Iraq

In a bid to leverage their oil exploration and production expertise, Reliance Industries (RIL) and ONGC Videsh (OVL), the overseas investment arm of Oil and Natural Gas Corporation (ONGC), are planning to jointly bid for oil and gas blocks in Iraq.

The two companies are already renegotiating for a stake in the Tuba field and the Block-8 in western Iraq.

OVL, Reliance and Algeria’s Sonatrach were in talks with the Saddam Hussein regime before the US took over Iraq in 2000. The UN sanctions that came in after 2000 prevented further talks from talking place.

“We are ready to partner OVL in overseas search for oil and gas exploration blocks. OVL is in the process of getting approval for a joint business with us,” a senior Reliance official said. OVL official declined to comment. Read more at Business Standard