India in talks with Iran to resume work at Farzad B oilfield
Tehran, Iran, Sept.4
India's ambassador to Iran Gaddam Dharmendra has indicated that his country is inclined to resume its activities in Iran's oil industry, specifically, the development of Farzad B gas field.
"Currently we hope that we can become active in Iran's oil industry just as before," said Dharmendra, Trend reports citing ILNA.
Iran and India previously held negotiations on development of Farzad B gas field, located in Persian Gulf however the Indian consortium led by ONGC Videsh Ltd, the foreign investment unit of India’s Oil and Natural Gas Corp has yet to make decision over the case.
"We have an obligation regarding the Farzad B oil field and technical negotiations are underway so we can see how the project would progress," the ambassador said responding to whether the US sanctions changed India's approach to Iran's oil industry.
Farzad-B is estimated to hold more than 500 billion cubic meters of in-place gas reserves, of which 370 billion cubic meters are recoverable, was discovered by a consortium of three Indian companies: ONGC, "Oil India Limited" and "Indian Oil Corporation" in 2008.
The Indian side was to develop the field after its exploration, but it ceased operations after the West strengthened sanctions against Iran in 2012.
After the lifting of sanctions, following the sign of the nuclear deal, India once again called for the development of Farzad-B by ONGC Videsh but the deal has been delayed.