Iran, India agree on outlines of oil deal
Baku, Azerbaijan, March. 4
By Khalid Kazimov – Trend:
Iranian Oil Minister Bijan Namdar-Zanganeh has said that his country and India have already reached agreement on the outlines of a deal on the development of Farzad B field, expressing hope that the sides would conclude an agreement on the details of the possible deal.
The oil minister has said that the initial agreement was made during Iranian President Hassan Rouhani’s recent visit to India, IRNA news agency reported.
Earlier Indian oil and gas company ONGC Videsh presented a $3 billion plan for developing Farzad B field but Iran has proposed amendments.
Barzad B field has an in-place gas reserve of 21.7 trillion cubic feet (tcf), of which 12.5 tcf are believed to be recoverable. It has high sulfur content and separate facility would be needed to separate gas from it.