Iran General NewsIran, ONGC finalising Gulf field proposal-report

Iran, ONGC finalising Gulf field proposal-report

-

Reuters: Iran’s state offshore company and India’s Oil and Natural Gas Corp. have finalised a financial proposal for developing a gas and oil field in the Gulf, an Iranian news agency reported on Sunday.
TEHRAN, March 2 (Reuters) – Iran’s state offshore company and India’s Oil and Natural Gas Corp. have finalised a financial proposal for developing a gas and oil field in the Gulf, an Iranian news agency reported on Sunday.

Mahmoud Zirakchianzadeh, managing director of the Iranian company, told the ISNA news agency the two sides had completed negotiations about the Farsi field in Tehran on Saturday.

“In our negotiations … their financial proposal about the development on Farsi field was received and finalised,” he was quoted as saying.

ONGC will now begin technical studies of the project, which is planned to take place in two phases with an expected yield of 500 million cubic feet of natural gas per day from each phase, ISNA said, giving no further details.

The Farsi block is already operated by ONGC Videsh, the overseas arm of ONGC, along with India’s top refiner Indian Oil Corp. Ltd. and smaller explorer Oil India Ltd.

It was not immediately clear whether the finalised proposal announced by Zirakchianzadeh represented an addition to the agreement on operating the Farsi block.

Last May, a senior Iranian oil official said he could not confirm a report that ONGC and partners had found gas reserves of up to 10 trillion cubic feet and 1 billion barrels of oil in the Farsi block.

In 2006, Iran — the world’s fourth largest oil exporter which also sits atop the largest gas reserves after Russia — said ONGC Videsh had found oil in this block.

Iran is drawing interest from Indian and Chinese firms that are keen to tap the world’s second-largest reserves of oil and gas and are less susceptible than many other companies to Western pressure over Tehran’s nuclear programme.

ONGC and Hinduja Group are also looking at joining the development of Iran’s South Pars Phase 12 gas field and the country’s Azadegan oil field. (Reporting by Hashem Kalantari; Editing by Erica Billingham )

Latest news

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Iran Revolution Characteristics

More than two months have passed since the start of the latest round of protests in Iran against the...

Iran’s Regime Is Unable To Eradicate Protests

Totalitarian governments, whether be it a monarchy or a clerical regime, and their international supporters are pursuing the same...

Must read

Afghan FM in Tehran talks after Karzai admits Iran cash

AFP: Afghan Foreign Minister Zalmai Rasoul arrived in Tehran...

IAEA’s latest report on Iran: Full text

Iran Focus: London, Feb. 28 – Diplomats from the...

You might also likeRELATED
Recommended to you