ONGC Videsh had last year made its ‘best’ offer to spend $11 billion in developing the Farzad-B field in the Persian Gulf. The company has now agreed to do just the upstream field development part, leaving the marketing of the fuel to Iran, the official said. Farzad-B was discovered by ONGC Videsh in the Farsi block about 10 years ago. In the master development plan ONGC Videsh submitted to Iran last year, it estimated the upstream part to cost $6.2 billion while another $5 billion will be required to build a liquefied natural gas (LNG) export facility. If global rates rise, ONGC Videsh was willing to pay $4.3 per mmBtu, the official said.

Source: Mint February 25, 2018 07:52 UTC