India, Iran aim to wrap up Farzad B gas field deal by March | Reuters

NEW DELHI India and Iran aim to strike a deal by March to develop an Iranian gas field with estimated in-place reserves of 18.75 trillion cubic feet, the Indian government said in a statement on Wednesday.A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered the Farzad B gas field in the Farsi offshore block in 2008. The consortium, which also includes Oil India and Indian Oil Corp, could not obtain permission to develop the field due to Western sanctions against Iran's nuclear programme, but those sanctions were removed earlier this year.

Reuters October 26, 2016 21:48:11 IST
India, Iran aim to wrap up Farzad B gas field deal by March
| Reuters

India Iran aim to wrap up Farzad B gas field deal by March
 Reuters

NEW DELHI India and Iran aim to strike a deal by March to develop an Iranian gas field with estimated in-place reserves of 18.75 trillion cubic feet, the Indian government said in a statement on Wednesday.A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered the Farzad B gas field in the Farsi offshore block in 2008. The consortium, which also includes Oil India and Indian Oil Corp, could not obtain permission to develop the field due to Western sanctions against Iran's nuclear programme, but those sanctions were removed earlier this year.

OVL is preparing a master plan for development of the gas field, while also working on a pricing formula, the statement said.India is the second largest buyer of Iranian oil after China, and New Delhi is seeking ways to deepen trade ties with Tehran now that sanctions have been lifted.

(Reporting by Nidhi Verma; Editing by Simon Cameron-Moore)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Prime Minister Narendra Modi silent on inflation, fuel prices, 'murder of farmers', says Rahul Gandhi
India

Prime Minister Narendra Modi silent on inflation, fuel prices, 'murder of farmers', says Rahul Gandhi

The Congress leader also targeted the government over Indian Army Chief General MM Naravane’s "China was here to stay" remark in the context of stand-off in eastern Ladakh

Shredded Banksy artwork, 'Love is in the Bin', could fetch millions at auction
World

Shredded Banksy artwork, 'Love is in the Bin', could fetch millions at auction

“Love is in the Bin” is being offered by Sotheby’s in London, with a presale estimate of $5.5 million to $8.2 million

Why India and China are digging in for another tense winter standoff
India

Why India and China are digging in for another tense winter standoff

The incidents at the LAC are not driven by territoriality but by the intent to demonstrate to India that its strategic partnership with the US and its participation in the Quad cannot provide it with an effective deterrent against China