In an apparent retaliation to India’s decision to cut crude imports from Iran, Tehran has signed a basic agreement with Russia’s state-owned energy giant Gazprom for development of the Farzad-B gas field, discovered by a consortium of Indian companies.
The Farzad-B gas field, discovered by Indian state-run oil explorers led by ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, in the Farsi block in 2008, has in-place gas reserves of 21.7 trillion cubic feet (tcf), of which 12.5 tcf is recoverable. Read more
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