Tehran, New Delhi discuss co-op in oil, gas sectors

May 17, 2017

TEHRAN – Iran and India discussed cooperation in oil and gas projects especially Iran’s Farzad B gas field which Indian ONGC Videsh Ltd. (OVL) seeks to develop, Shana reported on Tuesday.

According to the report, an Indian delegation headed by Indian Foreign Secretary Subrahmanyam Jaishankar met with Iranian Oil Minister Bijan Namdar Zanganeh in Tehran on Tuesday to discuss the financial issues regarding the Farzad B project. 
On the sidelines of the meeting, Iranian Deputy Oil Minister in International Affairs and Trading Amir Hossein Zamaninia said that the two countries are determined to reach an agreement in this regard.
“The payment of some Indian private refineries’ dues to Iran and alternative ways of sending Iranian natural gas to India were also among topics discussed in the meeting,” Zamaninia said.
A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered Farzad B in the Farsi offshore block in 2008.
The consortium, could not obtain permission to develop the field due to Western sanctions, but those sanctions were removed last year.
In March 2017, OVL submitted a revised plan to the Iranian government for the block, which the company will be able to develop within five years. The Indian oil company is now waiting for feedback from Tehran.


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