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India Assured of Access to Giant Gas Field

India Assured of Access to Giant Gas FieldIndia Assured of Access to Giant Gas Field

Iran has told India that the development rights for the Farzad-B gas field would be available to Indian companies, an Oil India Ltd executive said on Wednesday, after concerns in New Delhi that cash-rich European companies could clinch a contract.

A consortium headed by ONGC Videsh, the overseas investment arm India’s Oil and Natural Gas Corp, originally signed a deal in December 2002 to explore the Farsi offshore block in Iran that includes the Farzad-B field.

An Indian delegation that went to Iran in the last week of July was told that Tehran was working out a new production sharing contract, B. Roy, head of business development at Oil India, was quoted by Reuters as saying.

Iran is also willing to sell liquefied natural gas to India, Oil Minister Dharmendra Pradhan told lawmakers on Wednesday.

Financialtribune.com