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India haggles over $3 billion Iran gas plan

7 December 2015 10:10


India is in fresh talks with Iran after getting the green-light for $3 billion development of the Farzad B gas field in the Persian Gulf, an official says.

A consortium, led by ONGC Videsh, is determined to develop the field in order to produce one billion cubic feet of natural gas a day in the first phase, head of the Iranian Offshore Oil Company (IOOC) Saeed Hafezi said.

Executives of the companies traveled to Tehran last week and discussed marketing and gas transfer modalities on the sidelines of a conference to unveil Iran’s new upstream oil and gas contacts, he added.

“If we resolve issues related to the contract model and transfer modality or marketing of the product, there will be no other problem left to sign the gas deal with the Indians,” Hafezi said in remarks, quoted by the Mehr news agency.

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