Indian energy firm interested in tapping Azeri field
India’s ONGC Videsh Ltd. is keen on the exploration and development of the Babek prospective structure in the Azerbaijani sector of the Caspian Sea, the company’s finance director Satpal Garg said in a meeting with Azerbaijani Deputy Energy Minister Natig Abbasov in Baku Friday.
Projected reserves of the Babek structure are 400 billion cubic meters of gas and 80 million tons of condensate.
Energy Ministry spokesman Azer Mansimli said that during the meeting, the Indian company stated its intention to conclude a long-term contract to purchase oil from Azerbaijan’s state oil company Socar. Currently, the company receives Azerbaijani oil according to a tender from the Turkish Mediterranean port of Ceyhan.
Garg said India is interested in buying energy resources from Azerbaijan. The volume of energy consumption in India will grow five times in the future, he said.
India currently produces 30 million tons of oil and 50 billion cubic meters of gas per year, and another 145 million tons of oil and 30 billion cubic meters of gas are imported to the country.
The Indian side also offered to establish a joint venture in Azerbaijan to produce fertilizers, with the entire produce to be exported to India.
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