{"id":11892,"date":"2024-09-16T07:06:28","date_gmt":"2024-09-16T07:06:28","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11892"},"modified":"2024-09-16T07:06:28","modified_gmt":"2024-09-16T07:06:28","slug":"oil-india-totalenergies-in-talks-for-offshore-projects","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11892\/","title":{"rendered":"Oil India, TotalEnergies in talks for offshore projects"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0State-owned Oil India Ltd (OIL) is in discussion with French energy company TotalEnergies for exploration of hydrocarbon blocks off India\u2019s coast, either as a technical partner or a \u201cparticipating interest\u201d (equity) partner, a senior company executive told FE.<\/p>\n

The company is looking to bid aggressively under the next open acreage licensing policy (OALP) bidding rounds wherein offshore blocks are expected to go under the hammer.<\/p>\n

\u201cWe have held discussions with TotalEnergies and are now framing the memorandum of understanding on whether they want to come on board as a technical partner or if they are interested to be a participating interest partner,\u201d the company executive said.<\/p>\n

The company is also in discussion with other international oil companies, including PTT Exploration and Production Public Company in Thailand, Malaysian state-owned oil and gas company Petronas, and Vietnamese state-owned oil company Petrovietnam, for exploration of offshore blocks.<\/p>\n

\u201cWe are actually talking to various international partners. Many are interested. We are talking with TotalEnergies, PTTEP because they are in proximity, and Petronas. We have initiated a discussion with Petrovietnam,\u201d the person said. The company has signed an MoU with PTTEP. \u201cThey (PTTEP) have come and seen our data, and so have Petronas that has shown interest,\u201d the official said.<\/p>\n

Oil India has already signed a non-disclosure agreement with Petronas and is going into the MoU stage, as per the source.
\nThe company is targeting to produce 3.8 million tonne of oil equivalent crude oil in FY25 and 3.8 billion cubic metres of natural gas. Oil India\u2019s annual production growth rate has been increasing by 5-6% annually in the last few years.<\/p>\n

Oil India is also expected to drill more wells overseas amid its goal to drill over 75 wells this financial year. In Libya, the company has already drilled five-and-a-half wells and hopes to drill two more wells before the end of FY25 as per its minimum work programme commitment.<\/p>\n

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\u201cWe will be drilling these wells by the end of this year. Once we have drilled the remaining wells, we will get a good idea to develop the field,\u201d the source said. \u201cLast month we had an OC (owners corporation) meeting in Istanbul. They were working up an additional budget in drilling up the new well.\u201d<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Earlier FE had reported that OIL is looking to resume its operations in the block Area 95\/96 in Libya in this financial year. The company had suspended its operations in the block since May 2014 under force majeure clause, following the civil unrest in the African country.<\/p>\n

The company has a 25% participating interest (PI) in the block with another 25% with Indian Oil Corp and the remaining 50% with SIPEX (Sonatrach International Production and Exploration). SIPEX is also the operator of the block Area 95\/96 in Libya.
\n\u201cLibya is opening up. We will come out with some production capacity numbers once the field development study is done. By the end of this financial year we should expect some development.\u201d<\/p>\n

Additionally, the company is negotiating the terms and conditions with ONGC\u2019s overseas arm ONGC Videsh Ltd for its drilling operations in Bangladesh.<\/p>\n

In its post AGM conference, the company\u2019s Chairman told mediapersons that the ongoing unrest in Bangladesh has had no impact either on its supplies of diesel to the country through the 130 km long Indo-Bangla Friendship Pipeline or the expansion of the Numaligarh refinery.<\/p>\n

Oil India is also looking to start its drilling operations in the Andaman blocks by October and will soon be floating a tender next month to start operations in the offshore block in Kerala.<\/p>\n

\u201cIn Andaman we are going to drill by October. The rig is already on the move. In Kerala too, the study part is complete and we are thinking of starting drilling operations. We have already finalised everything and will float the tender next month,\u201d said the source.<\/p>\n

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