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Farzad-B Gas Field

 


Farzad-B Gas Field

  • It is located in the Persian Gulf (Iran) and the contract for exploration of the field was signed in 2002 by an Indian consortium comprising Oil and Natural Gas Corporation Limited (ONGC) Videsh, Indian Oil Corporation, and Oil India.
  • The contract expired in 2009 after the declaration of commerciality of the field, based on the gas discovery. Since then, the consortium has been trying to secure the contract for the development of the field.
  • The major dispute between India and Iran was over setting up of two pipelines, and also over money to be quoted on the development plan.
  • Around 75% of the deal was finalized by May 2018, when the USA unilaterally withdrew from the nuclear deal and announced sanctions on Iran.
  • In January 2020, Iran clarified that it would develop the field on its own and would like to involve India appropriately at a later stage.
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Location: India

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