India is no longer involved in the Farzad-B gas field exploration project where ONGC’s foreign arm OVL had originally signed an agreement for exploration in 2002, investing approximately $100 million thus far.
About:
Farzad B gas field is an offshore natural gas field located in Persian Gulf under the control of Iranian sovereignty.
It was opened in 2008 and India had been negotiating the rights to oil and gas from the field till the US sanctions on Iran jeopardised India’s plans.
Government of India cited policy changes by the Iranian government, Iran’s precarious finances, and the U.S. sanctions situation as the reasons for the decisions on Indian infrastructure projects in Iran, which would be undertaken through local companies instead.
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