'India may lose Farzad-B gas field bid to Iran firm'
India has all but lost the ONGC Videsh Ltd (OVL)-discovered Farzad-B gas field in the Persian Gulf after Iran decided to prefer domestic companies over foreign firms for the development of the field, sources said. OVL and its partners had offered to invest up to $11 billion. Farzad-B holds total reserves of around 21.7 trillion cubic feet of which around 60% is recoverable.
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India has all but lost the ONGC Videsh Ltd (OVL)-discovered Farzad-B gas field in the Persian Gulf after Iran decided to prefer domestic companies over foreign firms for the development of the field, sources said. OVL and its partners had offered to invest up to $11 billion. Farzad-B holds total reserves of around 21.7 trillion cubic feet of which around 60% is recoverable.
