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Teen solves centuries-old math problem
NEW DELHI, Dec. 29 (UPI) -- A state-run and a private Indian oil firm are in talks to develop together the Tuba oil field in the south of Iraq.
The Financial Express reports the Oil and Natural Gas Corp. and Reliance Industries Ltd., along with Algeria's Sonatrach, are in preliminary discussions on the move.
The three attempted to obtain a contract for Tuba in 2000.
Iraq has 115 billion barrels of oil reserves, the third-largest in the world.
But misuse by Saddam Hussein, U.N. sanctions after the invasion of Kuwait and the toll of the ongoing war has hurt and hindered growth in the Iraqi oil sector.
A national law governing oil exploration and contracts is still being negotiated.
Still, oil companies are very interested in entering the Iraqi oil market.
R.S. Sharma, managing director and chairman of the state-run ONGC, confirmed Tuesday the negotiations on the Tuba field were taking place, although there are few details to report.
ONGC and Reliance, two intense industry rivals, would each own 30 percent of the project, while Sonatrach would have the other 40.
India relies on imported crude for 70 percent of its consumption.
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