OVL in collaboration with Russia's Gazprom and Turkish Petroleum has submitted its bid for Zubair oil field in Iraq.

The proposed oil field which now produces 230,000 bpd has the capacity to ramp up production to 400,000 bpd. Iraq is offering 20 year service contracts to extract resources from four oil blocks, including Zubair, and two gas blocks, which have a combined oil equivalent reserve of 115 billion barrels.

Apart from OVL, three other consortiums, led by BP (UK), Exxon Mobil (USA) and ENI (Italy) have submitted bids for the same oil field. Anglo-Dutch Shell, Sinopec of China and Total of France have also evinced interest in the oil field.

Iraq has opened up its hydrocarbon rich oil and gas blocks for international oil companies with an aim to increase its daily oil production from 2.4 million barrels to over four million by 2014.

Also See:

OVL chalks out capex plan for current fiscal (27-Jun-09)