ONGC Keen On Oil And Gas Opportunities In Iran, OVL, New Delhi 28 July, 2003 The Government of India and the People’s Republic of Iran have agreed on substantive collaboration in Oil and Gas opportunities in Iran. It has been decided that ONGC, IOC, GAIL and OIL would work in consortium under the guidance of the Ministry of Petroleum & Natural Gas, to develop specific projects and agreements. The responsibility for the lead role in the Upstream sector has been assigned to OVL, a wholly owned subsidiary of ONGC. It has also been agreed that ONGC will work with IOC and GAIL in Downstream and Gas businesses. A recent report in the press that OVL is already engaged in study of geological data from South Pars Gas Field is, however, not correct. It is premature to suggest that any such exercise is in progress.