India loses ONGC-discovered Iranian gas field to local firm
The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas
PTI | May 17, 2021 | Updated 19:20 IST
The 3,500 square kilometer Farsi block sits in a water depth of 20-90 metres on the Iranian side of the Persian Gulf
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf, the Iranian oil ministry s official news service Shana reported. The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian minister of petroleum Bijan Zangeneh in Tehran.