India's oil diplomacy that suffered a setback last week when China snatched a deal to develop one of Iran's biggest oilfields, may again be losing out, this time on a gas project in that country apparently over delays on India's part.
After giving the South Azadegan oilfield to China, Iran has trimmed ONGC-Hinduja Group joint venture's promised 60 per cent stake in the Phase-12 of the South Pars gas field in the Persian Gulf, highly placed sources said today.
Iran had last year identified South Azadegan oilfield and South Pars Phase-12 (SP-12) gas field for the state-owned ONGC and Hinduja combine, but in the 21 months since virtually no progress has been made. Iran has put the onus on India's side.
Last week, Iran signed a deal to give the 260,000 barrels per day South Azadegan oilfield along the Iraqi border to China's CNPC. And it has now given one-third out of the promised 60 per cent stake in $7.5 billion SP-12 to Angola's state-owned oil firm Sonangol.
While a firm agreement with Sonangol has not been signed yet, it has already signed for 10 per cent stake in SP-12 with Venezuela's PdVSA and was also courting Austria's OMV, the sources said.
While Tehran believes New Delhi may be dithering on energy ties under US pressure, Petroleum Minister Murli Deora said India placed "immense importance to ties with Iran and (will) continue to pursue energy projects".
