Videocon Industries is mulling to bid for oil blocks in Kurdistan even though global oil majors have been abstaining from bidding for oil assets in the region. Iraq, which has a dispute with the regional government over royalty sharing issues, bars firms that bid in Kurdistan without seeking its approval.
Videocon will be second Indian firm after RIL to bid for oil blocks in Kurdistan with reserves of 45 billion barrels, sixth largest in the world. Iraq has banned RIL, which owns two exploration blocks in Kurdistan, from bidding for its oil blocks. However, even, state-owned ONGC has shied away from bidding in Kurdistan to avoid offending Baghdad. ONGC's overseas arm OVL has been selected as a qualified bidder for oil blocks in Iraq.
Recently, Videocon Industries’ wholly owned subsidiary -Videocon Hydrocarbon Holdings- Barquetine 2 appraisal well (Rovuma Basin, Area 1, Mozambique offshore) completed its flow test as well has flowed at an equipment constrained rate of approximately 90 to 100 million cubic feet per day (MMcf/d), with minimal pressure drawdown, providing confidence in well designs that are capable of 100 to 200 MMcf/d..
