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Iran agrees $3bn contract with Indian companies

Consortium of firms will develop Farzad B gas fields, according to reports

The deal is reportedly worth $3bn.
The deal is reportedly worth $3bn.

Iran has agreed a $3bn contract with a consortium of Indian companies to develop the Farzad B gas field in the Persian Gulf, according to the Mehr news agency.

Saeed Hafezi, the director of the Falat Ghare oil company, said the lifting of Iranian sanctions means the consortium can resume development, the agency has reported.

The managing director of ONGC Videsh, the Indian company leading the consortium, said they had not yet been notified about the development.

“We have not received any communication from Iran on granting us the development rights,” N.K. Verma said to Reuters.

Verma said that ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, had visited Iran recently.

He added that under the proposal submitted by the Indian companies, the first phase of development of the Farzad B gas field would cost around $3bn.

The objective of developing the first phase is to produce 1bn cubic feet of natural gas each day, Hafezi said in the interview with Mehr.
 

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