An Indian consortium led by ONGC Videsh Ltd contractually has a right to take a 30 per cent interest in the Farzad-B gas field development in the Persian Gulf even after Iranian decision to award rights of the giant field to a local firm, top officials said.
In February, 2020, National Iranian Oil Company (NIOC) informed Indians about its intention to conclude the contract for Farzad-B development with an Iranian company. In May this year, it awarded a USD 1.78 billion contract to Petropars group.
“The field was discovered by the Indian consortium and naturally it was interested in bringing it to production and submitted a development plan.
