The state-run Oil and Natural Gas Corporation of India plans to bid for offshore oil and gas exploration blocks in Israel, Petroleum Minister Dharmendra Pradhan told Reuters on Monday. This could be the first major deal between the countries after Narendra Modi’s visit to Israel in July, the first by an Indian prime minister.
A top delegation from India visited the West Asian country last month to discuss participating in the tender for blocks in the Mediterranean Sea, according to Reuters. India is the world’s third-biggest oil consumer.
“We will definitely bid for Israel’s oil and gas blocks,” Pradhan told the news agency.
Israel had put up 24 offshore blocks for auction last year, to tap into its large natural gas reserves. The auction closes on November 15.
India and Israel share strong defence ties, but had agreed to expand their collaboration to other areas, including energy, trade, investment and combating terror. India first established full diplomatic ties with Israel in 1992 and is Israel’s biggest arms buyer.
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