OVL, IOC, OIL to ink deal on Iran gas field
New Delhi   27-Oct-2010

ONGC Videsh and its partners, IndianOil and Oil India, are likely to soon sign a contract to develop Farzad B gas field off the coast of Iran at an estimated investment of over $5 billion.

“The contract to develop Farzad B gas field (in the Farsi offshore block) will be signed... soon,” Iranian oil ministry website Shana quoted National Iranian Offshore Oil Company Managing Director Mahmood Zirakchianzade as saying.

The three firms had in August/September submitted a revised master development plan for producing natural gas from the massive discovery. The discovery, which was subsequently named the Farzad-B gas field, has in-place reserves of up to 21.68 trillion cubic feet (tcf).