India, Syria sign agreement on oil and gas exploration
14 Jan 2009
India and Syria have signed an umbrella agreement, paving the way for ONGC Videsh, the overseas arm of Oil and Natural Gas Corporation, to explore for oil and natural gas in Syria.
Petroleum minister Murli Deora and his Syrian counterpart Sufian al Alaw signed the agreement on the sidelines of an international conference on oil and gas, `Petrotech India 2009'.
Speaking at the special ministerial session of Petrotech-2009 Deora said India presented a tremendous opportunity in oil and gas business for creating wealth and value.
Citing the increased participation of international energy companies in India's oil and gas exploration sector, Deora said the entire area of Indian sedimentary basins is expected to be under exploration by 2015 from present level of 44 per cent.
Deora called upon international community to create strategic business initiatives with across-the-border investments by oil producer and consumer nations in each other's countries. He also emphasised the need for helping each other in the exchange and enhancement of technologies in frontier areas like gas hydrates, coal gasification, gas to liquids, coal bed methane, ultra deep water exploration and in improved oil recovery techniques.
Citing the need for more careful management of risks in the oil and gas sector, Deora said the price volatility of oil is neither desirable nor in the interest of buyers or sellers. ''I feel that the time has come for all of us to collectively work to ensure global energy security in partnership and to realise the vision of a secure, sustainable, equitable, efficient and productive global energy market'', he said.
Energy ministers from Angola, Canada (Alberta), Nepal, Mozambique, Qatar, Sri Lanka, Saudi Arabia, Sudan, Syria and Nigeria spoke at the energy conference.
ONGC Videsh Limited has participating interests in 36 producing fields of Syria. OVL has also acquired participating interest in one of the exploratory blocks in Syria.
The signing of MoU marks an important landmark in growing ties of cooperation between India and Syria in the oil and gas sector.
