India today sought from Iran a stake in a producing oil field and said it will raise crude oil import from Iran in the financial year beginning April, reversing the 25 per cent reduction it had done in the current fiscal.
Visiting Iranian Oil Minister Bijan Namdar Zangeneh, after talks with his Indian counterpart Dharmendra Pradhan, said he was “optimistic” about signing of an agreement awarding rights of Iran’s giant Farzad-B gas field to its discoverer, ONGC Videsh Ltd.
He said Indian public and private sector oil companies will in 2018-19 fiscal buy 0.5 million barrels of crude oil per day (25 million tonnes).
This will be 25 per cent more than current fiscal imports estimated at 370,000 barrels per day (18.5 MT).
India had for the current fiscal cut oil imports from Iran by nearly 25 per cent over delays in award of Farzad-B development rights to OVL. In 2016-17, India had imported 510,000 barrels per day (25.5 million tonnes) of oil from Iran. Read More…