NEW DELHI: A consortium of Indian state-run oil and gas hunters led by ONGC Videsh Ltd (OVL) appears set to drop anchor in Israeli waters for the first time amid New Delhi's growing closeness with Tel Aviv and a widening chasm with Iran over its recalcitrance in awarding the Farzad-B gas field discovered by the same Indian grouping.
Israel's energy ministry gave its preliminary nod on December 11to the bid for one block submitted by the Indian consortium of OVL, IndianOil, Oil India Ltd and Bharat Petroleum subsidiary Bharat Petro Resources Ltd. Energean of Greece was the other bidder to have secured approval for five blocks.
Govt decision to explore Israeli gas option sends a message to Iran
ONGC Videsh MD N K Verma confirmed the development, saying the consortium will go through certain processes before deciding on drilling for oil or gas in the block. This was the first auction of exploration licences, consisting of 24 blocks, in four years since Israel blocked foreign companies from exploration in its eastern Mediterranean waters.
The permission to the Indian consortium comes ahead of Israeli PM Benjamin Netanyahu's three-day visit to India from January 14 and indicates the willingness of both governments to expand the horizon of bilateral ties from security and defence to energy security.
So far, oil and gas has not been part of the bilateral discourse, which has been largely dominated by defence equipment and water management. The only relationship the two countries had in the oil sector was Reliance Industries Ltd, India's largest private oil company, leasing Eilat-Ashkelon Pipeline Company's petroproducts storage capacity.
Source : Indian oil cos to drop anchor in Israeli waters as Iran deal hangs fire - Times of India
Israel's energy ministry gave its preliminary nod on December 11to the bid for one block submitted by the Indian consortium of OVL, IndianOil, Oil India Ltd and Bharat Petroleum subsidiary Bharat Petro Resources Ltd. Energean of Greece was the other bidder to have secured approval for five blocks.
Govt decision to explore Israeli gas option sends a message to Iran
ONGC Videsh MD N K Verma confirmed the development, saying the consortium will go through certain processes before deciding on drilling for oil or gas in the block. This was the first auction of exploration licences, consisting of 24 blocks, in four years since Israel blocked foreign companies from exploration in its eastern Mediterranean waters.
The permission to the Indian consortium comes ahead of Israeli PM Benjamin Netanyahu's three-day visit to India from January 14 and indicates the willingness of both governments to expand the horizon of bilateral ties from security and defence to energy security.
So far, oil and gas has not been part of the bilateral discourse, which has been largely dominated by defence equipment and water management. The only relationship the two countries had in the oil sector was Reliance Industries Ltd, India's largest private oil company, leasing Eilat-Ashkelon Pipeline Company's petroproducts storage capacity.
Source : Indian oil cos to drop anchor in Israeli waters as Iran deal hangs fire - Times of India
