TEHRAN (Tasnim) – Indian state-owned oil company ONGC Videsh plans to invest more than $3 billion to develop Iran’s Farzad B gas field in the Persian Gulf, a report said.
ONGC Videsh last month submitted a revised plan to the Iranian government for the field, which the company will be able to develop within five years, Managing Director N.K. Verma told reporters in Mumbai on Tuesday, Bloomberg reported.
Noting that the Indian company plans to spend more than $3 billion on Iran’s Farzad-B natural gas block, he added it is now waiting for feedback from Tehran.
Verma said output from Farzad-B could range from 1 billion to 1.6 billion cubic feet of natural gas per day.
Indian companies have been in talks with Tehran since 2009 for developing the Farzad B gas field, estimated to hold 21.68 trillion cubic feet (tcf) of gas in place, of which 12.8 tcf is recoverable.
With 137.6 billion barrels of proven reserves, Iran has the world’s fourth largest crude deposits. In terms of gas reserves, according to the 64th edition of the BP Statistical Review of World Energy released in June 2015, Iran is the world’s top gas reserves holder with 33.8 trillion cubic meters.