 Mumbai:
Tata Petrodyne Ltd, a wholly-owned subsidiary of Tata Sons, has teamed up
with state-run Indian Oil Corporation (IOC) and Oil India Ltd (OIL) to acquire
a controlling stake in an oil field in Azerbaijan.The
three will bid for Caspian Energy Group LLP''s (CEG) 51 per cent stake in the Shivran
Oil Operating Company that runs the Kyurovdag oil field in Azerbaijan, reports
quoting industry sources said. State
Oil Company of Azerbaijan Republic (SOCAR) holds the remaining 49 per cent stake
in Shivran Oil Operating Company. Earlier
this year, ONGC-Mittal Energy Ltd (OMEL), the joint venture of ONGC Videsh Ltd
(OVL) and the steel group Mittal, had made an unsuccessful $300 million bid for
the stake. Unable
to find a buyer, Caspian Energy has come back to OVL to clinch a deal. The
field currently produces 4,517 barrels of oil per day and is estimated to produce
a minimum of 146 million barrels during 2007 and 2030. An acquisition will make
the trio eligible for 51 per cent of the oil production from the CEG field. The
production is projected to rise to 13,300 barrels per day in 2010 and thereafter
start declining to reach 2,200 barrels per day in 2030, they said. The
field is well past its historical peak of 43,000 barrels per day of 1965.
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