OIL signs deal to locate hydrocarbon deposits

New Delhi: Oil exploration and production firm Oil India will invest about Rs 100 crore in locating possible hydrocarbon deposits in Rajasthan in partnership with Poland-based company Geofizyka Torun (GT).

Oil India has signed an agreement with GT, which would carry out the '3D seismic survey' to locate hydrocarbon deposits in Rajasthan, particularly in the Bikaner-Nagaur region, Oil India Director (Operation) N M Borah said at a FICCI seminar in New Delhi.

In the initial phase, Oil India would invest about Rs 80-100 crore in the project, which is likely to be completed in a year. 'The investment may be increased further in the second phase,' Borah said.

The project would be operated on an area of about 1,600 sq km in Bikaner-Nagaur and would help strengthen India-Poland relation in the hydrocarbon sector, Borah added.

The Polish firm Geofizyka Torun is a provider of integrated geophysical services to the petroleum and exploration industry.

Deputy Economy Minister of Poland Adam Szejnfeld is leading a business delegation to India to discuss investment opportunities in sectors of energy, oil, gas and dairy.

Trade between the two countries during 2006-07 was 560 million dollars.