India seeks to develop Iranian gas field in Persian Gulf
India reportedly seeks to reach an agreement with Iran on the development of a major gas field in the Persian Gulf.
Indian media said Monday that New Delhi and Tehran may seal a deal on the development of the Farzad-B natural gas field in the Persian Gulf during a planned visit by the Indian oil minister to the Iranian capital next month.
According to Financial Express, India’s Petroleum Minister Dharmendra Pradhan would visit Iran on April 6-7 with the intention of signing a “definitive agreement” for the project.
The online business daily added that an Indian consortium led by ONGC Videsh (OVL) may develop the project if an agreement is reached.
OVL has already expressed readiness to develop the Farzad-B gas reservoir, which is estimated to hold 21.68 trillion cubic feet (tcf) of natural gas in place, of which 12.8 tcf of gas and 212 million barrels of condensate are recoverable.
Energy-hungry India has long sought to have a stake in Iran’s liquefied natural gas (LNG) projects.
Several European companies have also proposed to participate in LNG projects in southern Iran, but negotiations have yet to be finalized.
Royal Dutch Shell, Spain’s Repsol and France’s Total abandoned three Iranian LNG projects when the West imposed sanctions on Tehran over its nuclear program in 2011, banning supply of energy equipment including high-tech liquefaction articles. The effective removal of sanctions in January following last summer's nuclear agreement between Tehran and the permanent UN Security Council members plus Germany paved the way for Iran to boost its oil and gas output.
Indian media said Monday that New Delhi and Tehran may seal a deal on the development of the Farzad-B natural gas field in the Persian Gulf during a planned visit by the Indian oil minister to the Iranian capital next month.
According to Financial Express, India’s Petroleum Minister Dharmendra Pradhan would visit Iran on April 6-7 with the intention of signing a “definitive agreement” for the project.
The online business daily added that an Indian consortium led by ONGC Videsh (OVL) may develop the project if an agreement is reached.
OVL has already expressed readiness to develop the Farzad-B gas reservoir, which is estimated to hold 21.68 trillion cubic feet (tcf) of natural gas in place, of which 12.8 tcf of gas and 212 million barrels of condensate are recoverable.
Energy-hungry India has long sought to have a stake in Iran’s liquefied natural gas (LNG) projects.
Several European companies have also proposed to participate in LNG projects in southern Iran, but negotiations have yet to be finalized.
Royal Dutch Shell, Spain’s Repsol and France’s Total abandoned three Iranian LNG projects when the West imposed sanctions on Tehran over its nuclear program in 2011, banning supply of energy equipment including high-tech liquefaction articles. The effective removal of sanctions in January following last summer's nuclear agreement between Tehran and the permanent UN Security Council members plus Germany paved the way for Iran to boost its oil and gas output.