India, Iran to sign Farzad-B gas field deal by February next year

Posted on:27 Oct 2016 11:55:38
India, Iran to sign Farzad-B gas field deal by February next year
27 October 2016 Current Affairs: India and Iran have agreed to conclude an agreement to develop the Farzad-B gas field in Iranian offshore within the next three months. The two countries also agreed to make their best endeavours to conclude the definitive agreement by February next year.The announcement was made after an official level talks in Tehran between the petroleum ministries of the countries.

The Farzan-B gas field is estimated to have in-place reserves of 18.75 trillion cubic feet of gas, the Indian government said in a statement today.A consortium led by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered the Farzad B gas field in the Farsi offshore block in 2008.

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