OVL in talks with Iran for commerciality of Farzad-B gas field project

The gas produced from the field will be converted into LNG for export to consuming nations like India

ONGC Videsh Ltd-led consortium is in talks with Iranian counterpart for the commerciality of Farzad-B gas field and convert the gas produced from it into LNG for shipping to countries like India, Dharmendra Pradhan, minister of state for petroleum said today.

“We were delighted to see the commitment of our Iranian counters parts and if all goes well there will be no hitch in the deal for the Farzad-B block,” he said. He was speaking on the sidelines of the Maritime India Summit 2016 event held here today.

A consortium of OVL, Oil India Ltd (OIL) and Indian Oil Corp (IOC) had discovered the 12.8 trillion cubic feet of gas reserves in the Farsi block in 2008. The discovery was named Farzad-B.

The gas produced from the field will be converted into liquefied natural gas (LNG) for export to consuming nations like India.

Gas output from the field can either be converted into LNG and shipped to India or transported through a pipeline via Pakistan or subsea.