India loses Farzad-B gas field in Iran

NEW DELHI: India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.

“The National Iranian Oil Company (NIOC) has signed a contract worth USD 1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf,” the Iranian oil ministry’s official news service Shana reported.