OVL Consortium Submits Bid for Iraq Zubair Field

1 July 2009 (Last Updated July 1st, 2009 18:30)

A consortium of ONGC Videsh Limited (OVL), OAO Gazprom and the Turkish Petroleum Corporation has submitted a bid for Iraq's Zubair oil field. The field's capacity could rise from 230,000 barrels per day to 400,000 barrels per day in the future, according to analysts. Iraq has

A consortium of ONGC Videsh Limited (OVL), OAO Gazprom and the Turkish Petroleum Corporation has submitted a bid for Iraq's Zubair oil field.

The field's capacity could rise from 230,000 barrels per day to 400,000 barrels per day in the future, according to analysts.

Iraq has received bids from three other consortia, led by BP, ExxonMobil and ENI, for the same oil field. Royal Dutch Shell, China Petroleum & Chemical Corporation (Sinopec) and Total have also submitted bids.

Iraq has invited bids for 20-year service contracts to dig resources from four oil blocks, along with Zubair, and two gas blocks, which have joint oil reserves of 115 billion barrels.