Farzad-B Gas Field: Iran Offers Indian Companies A 30% Stake

Farzad-B Gas Field

basic of economy By Economy Simplified OCT 9 , 2022 White Frame Corner White Frame Corner ONGC Videsh (OVL) has requested details of the Farzad-B field development contract from Iran Learn more

Iran offered ONGC Videsh Ltd and its partners a 30% stake in the development of the Farzad-B Gulf,

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A huge Farzad-B Gas Field was found by ONGC Videsh Ltd (OVL) in the Farsi offshore exploration block in 2008.

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The firm submitted a Master Development Plan (MDP) of Farzad-B gas field in April 2011 to Iranian Offshore Oil Company (IOOC)

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In April 2015, negotiations restarted with Iranian authorities to develop Farzad-B gas field under a new Iran Petroleum Contract (IPC).

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Miffed by the delay, New Delhi had asked its refiners to reduce oil imports from Iran by fifth.

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Impositions of the US Sanctions on Iran in November 2018, technical studies could not be concluded which is a precursor for commercial negotiations.

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(NIOC) informed the firm on February 2020, about its intention to conclude the contract for Farzad-B development with an Iranian company.

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The Indian consortium has so far invested around USD 400 million in the block. Find out more information

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