Iran Assures India of Licence to Develop Persian Gulf Gas Field

Iran has assured India of the licence to develop Farzad-B gas field in the Persian Gulf, according to Press Trust of India.

The block was discovered by India’s state owned energy firms ONGC Videsh (OVL), Oil India and Indian Oil Corp in 2008.

"A delegation of officials of OVL, OIL and IOC visited Tehran late last month. Iran told them that the development rights for Farzad-B field are available to India," OIL Director (Business Development) B Roy told reporters in Delhi, Press Trust reported. 

Roy said Tehran has so far given only verbal assurance and no firm commitment has been made. 

"They want us to submit a development plan which OVL as the leader of the consortium is working on," he said. 

The Indian firms did not move forward with the project after sanctions were imposed on Iran.

OVL and IOC hold 40 per cent interest each in Farsi block, while the remaining 20 per cent is with OIL.