(From India Business Insight)
Indian Oil Corporation (IOC) and ONGC Videsh Ltd (OVL) have been invited by the Government of Saudi Arabia to take part in exploration projects in Saudi Arabia. IOC is currently evaluating properties in Iran, Iraq, Sudan, and Russia.
It is bidding for the North Kuwaiti oil fields project along with ONGC. IOC and ONGC have entered into a tie-up with British Petroleum for the Kuwaiti project.
IOC has already bid for blocks under the new exploration licensing policy. IOC is expanding its global presence additionally through exports.
In 2002-2003, IOC has exported …