Iran has offered a 30% interest in the Farzad-B gas field development project in the Persian Gulf to India’s ONGC Videsh (OVL) and its partners.
Located at water depths ranging from 20m to 90m within the 3,500km² Farsi offshore block, the Farzad gas and condensate field straddles the Iran-Saudi Arabia maritime border.
Officials were cited by the PTI as saying that the exploration contract allowed OVL and its partners to participate in the offshore field development project.
Citing the exploration service contract, the Indian consortium has been asked by Iran to exercise its rights to participate in the field development contract with a minimum stake of 30%. This option period is valid for 90 days
OVL currently owns a 40% stake in the Farsi offshore exploration block while the Indian Oil Corporation owns a 40% stake. The remaining 20% is held by Oil India.