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India again seeks Iraq oil deal
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SPECIAL TO WORLD TRIBUNE.COM
Friday, January 5, 2007
LONDON — India, together with Algeria, is for the second time seeking to develop a major oil field in
Iraq.
Algeria's state-owned monopoly and Indian energy majors have been
discussing the prospect of joint development of a field in Iraq. Executives
said India's Oil and Natural Gas Corp. and Reliance Industries have sought
to develop the Tuba oil field in southern Iraq.
Industry sources said Algeria's Sonatrach would own 40 percent of any
joint venture in Tuba, Middle East Newsline reported. ONGC, with oil interests in Iran, Iraq, Libya, Sudan
and Syria, as well as Reliance would each obtain a 30 percent stake.
This is the second attempt by Sonatrach and the Indian companies to win
oil rights in Iraq. In 2000, the three companies sought to develop Iraqi oil
fields, but the effort was suspended by the U.S.-led invasion in 2003.
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