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Our Bureau

New Delhi , Dec. 21

A 50:50 joint venture company of ONGC Nile Ganga BV, the fully owned subsidiary of ONGC Videsh Ltd (OVL), and Fulin Investments S.A.R.L., a subsidiary of China National Petroleum Company International (CNPCI), has jointly entered into an agreement with Petro-Canada, a Canadian oil company, to acquire its entire share interest in four production sharing contracts (PSC) covering 36 producing fields in Syria. According to a statement issued here on Wednesday, the four PSCs are namely Ash Sham PSC (33.33 per cent); Dier EZ Zor (old) PSC (37.5 per cent); Dier EZ Annex IV PSC (37.5 per cent); Gas Utilisation Agreement (36 per cent).

These fields have been producing for over the last 15 years, the company statement said. Petro-Canada holds interest in these PSCs through its subsidiaries. The acquisition would be completed after approval by the Government of Syrian Arab Republic, the ONGC release added.

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