A gas dispute has flared up between India and Iran regarding the profit-sharing of a field.
The gas field, called Farzad B, is located on the a Farsi island in the Persian Gulf.
India's state oil company Oil and Natural Gas Corporation Limited had invested $85 million in the gas field.
A gas dispute has flared up between India and Iran regarding the profit-sharing of a field.
The gas field, called Farzad B, is located on the a Farsi island in the Persian Gulf.
India's state oil company Oil and Natural Gas Corporation Limited had invested $85 million in the gas field.
Iran to develop Farzad B gas field domestically, dumps India
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India’s OVL had discovered the gas field in 2000
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Stumbling block: India had accused Iran of adopting delay tactics on Farzad-B gas field contract. Photo shows an oil field on Kharg Island off the coast of Iran.
| Photo Credit: Getty Images
India’s OVL had discovered the gas field in 2000
Iran on Monday gave the Farzad B gas field to Petropars, a domestic gas producer. This is a setback for India’s energy ties with Iran as ONGC Videsh Ltd (OVL) had discovered the gas field in 2000 and has been part of the ongoing cooperation on that front.