| India and Norway have also agreed to begin discussions on commercial joint explorations in other countries. ONGC Videsh, the overseas arm of ONGC, will be tying up with Norwegian companies for the ventures. | |
| ONGC has 21 exploration blocks in the Arabian Sea and the Bay of Bengal. In 2002, it was on the verge of hiring deep sea drill-rig West Navion (now the West Navigator), owned by Norway's Statoil and Smedvig, on a nomination basis and launch a joint exploration programme. | |
| The National Democratic Alliance government had struck down the deal and asked ONGC to participate in the bidding process. | |
| Norway is the third-largest exporter of crude oil in the world. The country has a petroleum fund of $130 billion, and is eager to invest in the exploration business in India through Statkraft. | |
| Norwegians have already committed $150 million in two hydropower projects in Himachal Pradesh. | |
| India made the offer for exploration at a meeting of Petroleum Minister Mani Shankar Aiyar with the standing committee on foreign relations of Norwegian Parliament on Monday. The issue was also discussed during a meeting between Aiyar and his Norwegian counterpart Thorhild Widvey during the OPEC meeting in Vienna last year. | |
| A meeting of the joint working group committee held last month decided to cooperate in satellite field development, exploration, production and transportation of gas hydrates, and in the setting up of liquefied natural gas terminals. | |
| The government will also be studying the model of national petroleum directorate of Norway for restructuring of Directorate General of Hydrocarbons as a full-fledged regulator for the sector.
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