(PTI)
Iran had agreed to buy the gas produced from ONGC 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. “Since April 2016, both sides negotiated to develop Farzad-B gas field under an integrated contract covering upstream and downstream including monetization/marketing of the processed gas, however, negotiations remained inconclusive,” it said.
