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August 2, 2001 		Feedback  
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IOC, ONGC to team up for Kuwait oil field

Indian Oil Corp and Oil and Natural Gas Corp are teaming up to invest in an exploration block in the Persian Gulf and an oil field in Kuwait, Petroleum Minister Ram Naik said on Thursday.

"The likely investment in (these) ventures is yet to be finalised as the Persian Gulf block is in the negotiating stage and the participating interest for the Kuwait oil field has not been finalised," Naik told Parliament.

He did not give more details.

IOC is India's largest refining firm while ONGC is the country's biggest exploration and production company.

The state-run firms have also jointly bid and won contracts under the second round of India's New Exploration Licensing Policy.

NELP is a key liberalisation plank of energy-deficient India's decade-old reform programme and is aimed at lifting the country's declining crude output.

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