ONGC eye stake in Iran gas field
India's Oil and Natural Gas Corp. ONGC is seeking a 20-25 percent stake in the $7.5 billion project of Iran's South Pars gas field's phase 12 development plan.
According to SHANA news agency, the Indian firm also eyes developing the Farsi gas field.
ONGC's overseas investment arm, ONGC Videsh Ltd, will hold talks with officials of National Iranian Oil Co next week, the Indian news agency Press Trust of India reported.
ONGC''s pursuit is independent of the Hindujas. Both ONGC Videsh, ONGC''s overseas investment arm, and the Hindujas had in the past signed separate MOUs with Petropars for a stake in the South Pars project and are independently talking to National Iranian Oil Company.
The sources said ONGC Videsh would negotiate to get LNG (liquefied natural gas) in return for its efforts in both the projects.
Iran, which has the world''s second-largest gas reserves after Russia, has estimated it would require $40 billion to develop the remaining phases of the South Pars fields within 10 years, Reuters reported.