Online edition of India's National Newspaper
Friday, Mar 09, 2007
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Online edition of India's National Newspaper Friday, Mar 09, 2007 ePaper |
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Special Correspondent
NEW DELHI: Oil and Natural Gas Corporation Videsh Limited (OVL), the foreign investment wing of ONGC, has signed a strategic Exploration and Production Sharing Agreement (EPSA) with National Oil Corporation (NOC) of Libya for four oil blocks under Contract Area 43, located in Cyrenaica offshore in the Mediterranean Sea. The signing of EPSA follows the recent successful visit of the Petroleum and Natural Gas Minister, Murli Deora to Libya and Yemen, where he had pitched for more investment by the Indian oil marketing companies and their foreign investment arms in exploration, production and refining business to enhance cooperation between India and Libya as well as Yemen. G. N. Rao signed the EPSA on behalf of OVL. Countersigning the agreement, NOC chairman, Sukri Ghanem expressed desire to expand bilateral relationship with India and recalled his meeting with Mr. Deora during his recent visit to Libya.
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