Norwegian company offers ONGC Videsh part stake in Iranian field

Mumbai: Norway's Norsk Hydro has offered ONGC Videsh Ltd a part of its 80-per cent stake in Aranan field in Iran even as OVL has offered Norsk Hydro partnership in two deep-water blocks in Cuba. OVL has also sought the Norwegian company's assistance in the development of ONGC's field in the Krishna Godavari basin.

Norsk Hydro is also reported to have agreed for participation of OVL in the Angola block in which it has 50-per cent stake, sources added.

Norsk Hydro has agreed to provide exploration technology for the development of the thin oil rim of Vasai East and Bessein fields in western offshore.

The offer was made during the ongoing high-level visit of the Norwegian Crown Prince Haakonato India.

The Scandinavian country, which is not part of the European Union and hence outside the scope of the proposed India-EU bilateral trade and investment agreement, is also discussing a maritime agreement with India.

"We are looking forward to a bilateral trade pact and a maritime agreement with India. We hope to see an agreement in both these areas in the next few months," Norwegian minister for trade and industry Dag Terje Andersen said.

Andersen, a member of the Norwegian delegation, said the two countries are engaged in a shipping pact and more than 30 ships are being built in India on orders by Norwegian companies at present.

Meanwhile, commerce minister Kamal Nath said India was in discussions with a few members of the European Free Trade Association (EFTA). This is in addition to the proposed trade pact with the EU, he said.

Leader of the delegation Prince Haakon said the two countries could cooperate in various sectors such as energy, services, marine and tourism to enhance bilateral relationship.