By John Lee.
India’s ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, has submitted a revised proposal for the development rights of Iran’s giant Farzad B gas field.
Managing Director N. K. Verma (pictured) told Reuters that a consortium headed by ONGC Videsh, and including Oil India and Indian Oil Corporation, expect to discuss the proposal with the Iranian authorities soon.
The group discovered the gas field in the Farsi offshore block in 2008 but could not obtain the permission to develop it due to sanctions.
The field is estimated to hold initial in-place reserves of 12.5 trillion cubic feed, and have a lifetime of 30 years.