Iran offers Indian firms 30 per cent stake in field
Iran has offered ONGC Videsh Ltd and its partners a 30 per cent interest in the development of the Farzad-B gas field in the Persian Gulf that was discovered by the Indian consortium, officials said.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), in 2008 had discovered a giant gas field in the 3,500 square kilometer Farsi offshore block.
In April 2011, it submitted a master development plan to bring the discovery, which was named Farzad-B, for production but negotiations got stalled as international sanctions were slapped on Iran over its nuclear plans.
