Farzad B Gas Field Row

Iran has offered ONGC Videsh Ltd and its partners a 30 per cent interest in development of the Farzad-B gas field in the Persian Gulf that was discovered by the Indian consortium, officials said. ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), in 2008 had discovered a giant gas field in the 3,500 square kilometer Farsi offshore block. In April 2011, it submitted a master development plan (MDP) to bring the discovery, which was named Farzad-B, for production but negotiations got stalled as international sanctions were slapped on Iran over its nuclear plans. Negotiations restarted in 2015, but in February 2020, National Iranian Oil Company (NIOC) informed that Iranian government has decided to award the contract to develop the field to a local firm. The exploration contract, under which OVL and its partners had discovered gas reserves in Farsi block, provided for the discoverer to be part of the field development, the officials said. Citing t

OVL and its partners had offered to invest up to $11 billion for development of the discovery, which was later named Farzad-B

Farzad-B, which was discovered by OVL in the Farsi block about 10 years ago, had in-place gas reserve of 21.7 trillion cubic feet, of which 12.5 Tcf is believed to be recoverable

India has cut oil imports from Iran by a fifth, Iran responded by reducing time given for payments