Iran agreed to buy OVL gas but US sanctions stalled talks
Iran had agreed to buy the gas produced from ONGCNSE 0.28 % Videsh Ltd-discovered Farzad-B field in the Persian Gulf, but talks got stalled after the US reimposed sanctions against Tehran.
ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 made a significant natural gas discovery in the Farsi offshore exploration block in the Persian Gulf, the company said in its latest annual report.
The discovery was named Farzad-B.
