Close on the heels of an Egypt deal, ONGC Videsh Ltd. (OVL), the overseas arm of ONGC, has won the prospective Najwat Najem oil acreage, in the Arabian Gulf in offshore Qatar. OVL's bid was chosen from among bids invited in June 2004 by the government of the State of Qatar for this offshore oil structure, which is in one of the world's most prolific petroleum systems.
Close on the heels of an Egypt deal, ONGC Videsh Ltd. (OVL), the overseas arm of ONGC, has won the prospective Najwat Najem oil acreage, in the Arabian Gulf in offshore Qatar. OVL's bid was chosen from among bids invited in June 2004 by the government of the State of Qatar for this offshore oil structure, which is in one of the world's most prolific petroleum systems.
The appraisal, development, and production sharing-agreement for Najwat Najem oil structure in Qatar was signed between the Government of the State of Qatar and OVL on March 2 at Doha, Qatar by His Excellency Abdulla Bin Hamad Al-Attiyah, second deputy prime minister and minister of Energy and Industry, Government of Qatar and Subir Raha, chairman of OVL.
Najwat Najem oil structure is in the Arabian Gulf in offshore Qatar 100 km northeast of Doha. The 120 sq km offshore acreage designated as Najwat Najem Oil Structure Area is east of the State of Qatar.
The oil structure was discovered several years ago and requires appraisal. The terms of this agreement call for an initial two years appraisal and based on the results, the development and production project will be carried out. This discovered field, to be connected to Halul Island for processing and export, will be operated by OVL.
After signing the agreement, Raha sincerely thanked H.E. Abdulla Bin Hamad Al-Attiyah for the confidence reposed in the ONGC Group of Companies by providing the operatorship opportunity for the first time in the Arabian Gulf, and assured him of safe and efficient operations.
