India Submits Revised Development Plan for Iran Gas Field

ONGC Videsh (OVL) has submitted a revised proposal pertaining to development of Iran’s Farzad B gas field, reported new agency Reuters Monday.

The block was discovered by Indian state owned energy firms ONGC Videsh (OVL), Oil India and Indian Oil Corp in 2008. The consortium did not move forward with the project after sanctions were imposed on Iran.

With Iran signing nuclear agreement with six world powers last month, sanctions are expected to be lifted which could pave way for development of the gas field.

"About two weeks ago we submitted a revised proposal for the development of Farzad B gas field in line with the demand of Iranian authorities," N. K. Verma, managing director of OVL told Reuters.

Verma said Iran and the consortium are soon expected to discuss the revised proposal.

OVL and IOC hold 40 per cent interest each in Farsi block, while the remaining 20 per cent is with OIL.