Project Golden Hamster has become a showcase of hydrocarbon cooperation between India and China, as ONGC Videsh Ltd (OVL) and China National Petroleum Corp (CNPC) have won their joint bid for Petro-Canada’s interest in a Syrian venture.OVL and CNPC will pay Euro 484 million to acquire 38 per cent stake in the Syrian oilfields. The two government-run firms, often arch-rivals in the race for acquiring overseas assets, are sharing equity in 50:50 ratio. Senior OVL officials confirmed the development and said that the Sale Purchase Agreement will be signed soon.‘‘It’s an important milestone. We have been working on this for quite some time. Instead of competing wherever possible, we should work together,’’ Petroleum Secretary SC Tripathi told agencies.Last September, Petro-Canada, which has three subsidiaries, put up its 38 per cent stake in Al Furat venture in Syria for sale. The Syrian assets being sold by Petro-Canada are valued at about $1 billion.In its proposal to the government, OVL said it planned to buy participating interest in four production sharing contracts comprising 36 producing fields in Syria. OVL did not name the company. OVL has mentioned that the 36 fields have been producing for last 20 years and its peak output reached 4,000 barrels per day in 1992-93 and declined thereafter.It is the first time the Chinese and Indian oil firms have joined forces in their efforts to secure reserves to feed their booming economies.
