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| 06 March, 2018

India's ONGC, Iranian co join hands to bid for new oilfield in Iran

ONGC Videsh is also eyeing Iran's South Azadegan oilfield and seeking development rights for Farzad B gas field.

MUMBAI/NEW DELHI- * India's Oil and Natural Gas Corp Ltd ONGC.NS in late February signed an initial non-binding agreement with an Iranian company for developing Susangerd oilfield in south of Iran, company source said

* ONGC Videsh, the overseas arm of ONGC, says it hopes to sign confidentiality agreement with IDRO Oil, a subsidiary of Industrial Development and Renovation Organisation (IDRO) of Iran in the next few days

* ONGC Videsh says IDRO Oil will have to seek an approval from state-owned National Iranian Oil Co (NIOC) for permission of bidding for the discovered oilfield

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* ONGC Videsh says deal will be signed purely on commercial and technical terms. It has yet not been decided how much stake will be offered to ONGC

* A mail sent to ONGC Videsh remained unanswered

* ONGC Videsh is also eyeing Iran's South Azadegan oilfield and seeking development rights for Farzad B gas field

(Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai) ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))