Amid reports that Iran has awarded the prolific Farzad B gas field to Russia’s Gazprom, petroleum minister Dharmendra Pradhan on Monday said India would not mind if the asset in the Persian Gulf is denied to it.
The field in the Farsi block, which was discovered by India’s ONGC Videsh (OVL) ten years back, has an in-place gas reserve of 21.7 tcf, of which 12.5 tcf are recoverable.
However, the deal has been delayed as the two countries could not agree on a price and a rate of return for OVL-led consortium’s investments. The other partners of the consortium include Indian Oil and Oil India. Read more