India, Iran resolve gas field project differences

India and Iran have settled their differences over developing the Farzad B natural gas field in the Islamic republic, Iran’s Petroleum Minister Bijan Namdar Zangeneh said here on Wednesday.

This followed a meeting between Zangeneh and his Indian counterpart Dharmendra Pradhan ahead of the Ministerial meeting of the International Energy Forum which was inaugurated by Prime Minister Narendra Modi.

Noting that the meeting with Pradhan mainly focused on the Farzad B gas field, Zangeneh said that Indian firms would submit proposals for the field within the next two months.

Farzad B gas project remains one of the most important areas of mutual cooperation between Iran and India. Discussions on the exploitation of Farzad B gas field, which was discovered by an Indian consortium comprising OVL (ONGC Videsh Ltd), Oil India Limited and Indian Oil Corporation in 2007, have been going on for a few years.

During the February visit of the President Hassan Rouhani to India, the two countries had discussed the problems between National Iranian Oil Company (NIOC) and the Indian consortium in terms of finance and agreed in principle to develop the gas field.

Both sides have now decided to bring the talks on developing the gas field to an end.


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