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.
An Indian consortium led by ONGC Videsh Ltd contractually has a right to take a 30 per cent interest in the Farzad-B gas field development in the Persian Gulf even after the Iranian decision to award rights of the giant field to a local firm, top officials said. In February 2020, the National Iranian Oil Company (NIOC) informed Indians about its intention to conclude the
India has right to 30% stake in Iranian gas field even after contract to local firm orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.
India loses ONGC-discovered Farzad-B gas field in Iran
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India loses ONGC-discovered Farzad-B gas field in Iran
PTI / Updated: May 17, 2021, 16:06 IST
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ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 discovered a giant gas field in the Farsi offshore exploration block. (Representative image)
NEW DELHI: 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.
India loses Farzad-B gas field in Iran
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.
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NEW DELHI: 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 USD 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.