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India willing to develop Iran offshore gas field

The file photo of a platform at the offshore Farzad B gas field in southern Iran

India has shown interest for developing an offshore gas field in southern Iran amid soaring hopes of sanctions relief later this year.

India’s ONGC Videsh Ltd is interested in developing Farzad B gas field in the Persian Gulf waters, Indian news media reported.

The issue was raised during a recent visit to Tehran of an Indian business delegation.

A high level delegation comprising officials from India’s ministries of finance and petroleum and executives from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd (MRPL) recently travelled to Tehran.

The talks between Iranian and Indian officials centered on winning development rights to Farzad-B gas field and the possibility of setting up gas-based petrochemical/urea plant in Iran’s southeastern Chabahar Port.

Indian firms have so far refused to invest in Iran due to tough US and European sanctions.

Farzad B gas field is estimated to hold 21.68 trillion cubic feet (tcf) of gas in place, of which 12.8 tcf is recoverable.

A number of international oil giants has also voiced interest to make an Iran comeback. They include Italy's Eni, France's Total and Royal Dutch Shell that have said they are already looking into Iran's post-sanctions business potentials.

This comes as Iran and the P5+1 group of countries are working on a final agreement over the Iranian nuclear energy program that has a deadline of June 30. A key point of the agreement will be the removal of a series of economic sanctions on Iran – specifically some of those that ban foreign investments in the country’s oil and gas projects. 

KA/KA


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