Sunday, April 02, 2006

Oil and Gas: Australian and Indian companies win block in Oman

A consortium of Indian oil firms, led by Videocon Industries Ltd, and Australia's Oilex NL have won an exploration block in Oman for $US50 million,Videocon chief V N Dhoot says.

Dhoot told Reuters "Investment in this block could reach up to $US448.4 million ($A628.41 million) as we explore and develop it in phases,"
According to Dhoot, Block 56 had potential reserves of 4 billion barrels of oil, quoting a study conducted on the oil property by Fugro Robertson, a British consultant.

Videocon, state-run gas firm GAIL (India) Ltd and Oilex would each hold a 25 per cent interest in Oman's block 56, while other state-run firms Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd would have 12.5 per cent each.