A consortium of ONGC Videsh Ltd, Oil India Ltd and Indian Oil Corp had discovered the gas reserves in the Farsi block in 2008. OVL and IOC hold 40 per cent interest each in the block, while the remaining 20 per cent is with Oil India. (Pic: ONGC Annual Report)ONGC Videsh, the overseas arm of state-owned explorer ONGC, is unlikely to go ahead with its investments in Iran’s Farzad-B gas block because of the US sanctions on the Islamic nation. A consortium of ONGC Videsh Ltd, Oil India Ltd and Indian Oil Corp had discovered the gas reserves in the Farsi block in 2008. OVL and IOC hold 40 per cent interest each in the block, while the remaining 20 per cent is with Oil India.

Source: The Telegraph June 10, 2019 19:30 UTC