Indian Oil Corporation too owns 40 per cent of PI, with Oil India holding the remaining 20 per cent PI in the block. State-owned ONGC Videsh Ltd (OVL) lost development rights for the Farzad-B giant gas field in Iran to Iranian Petropars Group. Indian Oil Corporation too owns 40 per cent of PI, with Oil India holding the remaining 20 per cent PI in the block. The gas field, which has in-place reserves of about 651 billion cubic metres of gas reserves, is expected to record about 28 million metric standard cubic meters per day (MMSCMD) of production within five years. Sources told The Indian Express that Tehran had told India in January 2020 that it would develop the Farzad-B Gas field on its own.

Source: Indian Express May 18, 2021 21:31 UTC