India’s oil minister says a final deal with Iran to develop the Farzad-B gas field in the Persian Gulf is currently “in Iran’s course”.
The lifting of international sanctions against Tehran in January 2016 and the easing of financial and trade curbs gave a fresh lifeline to negotiations on developing the Farzad-B project. But the two sides have made little inroads in negotiations as Iran says India’s proposal to develop the offshore field is not attractive enough.
“We have given it our proposal; now it’s time to react. They have to answer,” Oil Minister Dharmendra Pradhan told Reuters at the CERAWeek energy conference in Houston, Texas.
A consortium headed by ONGC Videsh, the overseas investment arm of ONGC, discovered the field in the Farsi offshore block in 2008. However, the consortium could not obtain the permission to develop the field due to tighter international sanctions imposed on Iran due to nuclear program dispute. Read More…