India signed energy pact with Iraq - India and Iraq, which is second largest oil exporter to the country has inked a key pact for conclusion of a 13-year-old contract for exploration of a Iraqi block estimated to hold 645 million barrels of in-place reserves under a broad-based energy cooperation agreement. It was signed along with other agreements after comprehensive talks between Prime Minister Manmohan Singh and his Iraqi counterpart Nouri al-Maliki on strategic bilateral, regional and international issues, including trade and Indian investments in the war-wrecked country. During the meet the two sides agreed to expand cooperation in agriculture, water resource management, pharmaceuticals, health care and information technology. The MoU in energy sector envisages cooperation in the areas of upstream and downstream oil and gas activities and related infrastructure, more specifically in the conclusion of contract of Exploration Block-8 awarded to ONGC Videsh Limited, offer of data of Middle Furat group of Fields for due diligence, natural Gas, petroleum Refineries and training. Block-8, located in the western desert in southern Iraq bordering Saudi Arabia and Kuwait, was awarded to OVL in November 2000 by the then Saddam Hussein government. However, the government formed after the US invasion of the oil-rich country sought re-negotiation of the contract which has been pending so far. The post-Saddam Hussain regime had initially agreed to signing of a Production Sharing Contract (PSC), where OVL would have got ownership of the oil it produced from Block-8. But the success of post-war licencing rounds, where global majors committed to develop oilfields for a small fee, has seen Baghdad change track and offer a service contract to OVL. The Block 8 already has a discovery and is estimated to hold 645 million barrels of in-place reserves, of which 54 million are recoverable. Other documents inked included: 1. MoU on Bilateral Cooperation in Water Resources Development and management: The MOU envisages cooperation at the national, regional and international levels in the field of water resources management and development by collaboration and sharing of expertise in the following areas: Project Hydrology, Practising Hydrology and Hydrological modelling, Applications of Remote Sensing & GIS in Hydrology and Water Resources, Integrated Water Resources Development and Management, Flood and Drought Management, Irrigation and Drainage Surface and Groundwater management and development Minor irrigation, Modernisation/renovation of old irrigation schemes, Hydrometeorology, Watershed, Lakes and Wetlands Development Dam Safety and Surveillance, Reservoir Regulation, Training and capacity building ,Micro Irrigation, Any other field related to water resources management and irrigation as may be agreed upon between the Parties. 2. MoU on Foreign Office Consultations and training of diplomats: It will enable high ranking officials from Foreign Ministries of both countries to discuss periodically bilateral and international relations of mutual interest. It will also enable exchange of information regarding structure and content of training programmes for diplomats. #redeyeiasbooster4u
Posted on: Sat, 24 Aug 2013 18:27:46 +0000
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