ONGC Vidash Limited (India) is interested in Azerbaijan's Babek gas structure in the Caspian Sea, Azerbaijani Deputy Minister for Industry and Energy Natig Abbasov said after meeting the financial director of the company S.P. Garg in Baku, Trend reports.
Babek contains about 400 billion cubic meters of gas and 80 million tons of gas condensate.
The press secretary of the Energy Ministry, Azera Mensimli, said that India will announce its intentions on signing a long-term contract with the State Oil Company of the Azerbaijani Republic (SOCAR).
India also plans to establish a joint enterprise for production of fertilizers in Azerbaijan.
India extracts 30 million tons and 50 billion cubic meters of gas annually, imports 145 million tons of oil and 30 billion cubic meters.
