Indian Energy Firms Keen to Return to Iran

Energy companies from India are keen to return to Iran, according to India’s oil and gas ministry.

Iran’s Fars News Agency citing the ministry said India's energy firms are eager to take up work in Farsi block, which is situated in Persian Gulf waters and comprises the Binaloud oil field as well as the Farzad B gas field.

The Farzad B gas field has in-place reserves of up to 21.68 trillion cubic feet (tcf).

The National Iranian Oil Company (NIOC) signed a five-billion-dollar deal with an Indian consortium led by India's Oil and Natural Gas Corporation (ONGC) in 2002 for the development of the Farsi block.

In March 2013, however, Iran awarded the development of the offshore hydrocarbon block to a domestic company after the Indian state-run consortium dragged its feet on operating the project, Fars News Agency said.

The Farsi block sits atop 508 billion cubic meters (bcm) of natural gas, 3.5 billion barrels of heavy crude and 212 million barrels of gas condensates.

In the first phase of its development, the Farsi block will produce 1.1 billion cubic feet (bcf) per day of natural gas.