OVL to bid for South Azadegan oil development in Iran

Indian oil giant ONGC Videsh Limited ("OVL") will bid for the development rights of the giant South Azadegan in Iran. There is strong competition with the likes of Gazprom, Lukoil, Rosneft, Shell, Total, Eni Petronas, Inpex, Sinopec and CNPC. of Malaysia and Russia’s Gazprom. OVL is one of 34 companies that pre-qualified last year for development of the field which is estimated to contain 6bnboe recoverable and currently produces 80mbbl/d - with the right investment, this could reach 320mbbl/d. The National Iranian Oil Co ("NIOC") will issue a...

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Canadian LNG: Wrong place wrong time for Petronas

Petronas entered Canada in 2011 to build a full upstream gas and LNG business. It did this in the face of declining domestic production and need to source international gas for both domestic consumption and its LNG trading portfolio. It made a move in June 2011 to partner with Progress Energy for CAD1.1 billion by agreeing to fund the majority of future drilling and capital expenditure on the company’s vast acreage position in the Montney play....

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