Offshore staff
OSLO, Norway --Norsk Hydro and India's ONGC have signed an agreement whereby Hydro will have access to mostly deepwater exploration acreage on the India continental shelf plus 10% interest in block 98/2 on the eastern coast.
ONGC also will get technical support from Hydro to increase recovery from Vasai East oilfield.
"Hydro is very pleased to have signed this agreement that is the start of a strategic alliance between Hydro and ONGC" said Tore Torvund, executive vice president, speaking in Delhi. "The Indian shelf is an interesting exploration area that recently has yielded very good results. The agreement gives Hydro an opportunity to exploit our deep-water skills in close cooperation with ONGC. We are committed to transferring Hydro's deep water knowledge and capabilities to ONGC".
The exploration deal covers some 32 offshore blocks at depths up to 3,000 m (9,842 ft).
The 98/2 block that is operated by ONGC with Cairn as partner and Petrobras as prospective partner. A number of gas finds have been made in the block.
Vasai East is off the western coast of India and produces oil from thin oil zones. Hydro has experience from developing such zones in the Troll field.
07/03/2007
