India’s ONGC Videsh has lost the Farzad-B gas field it discovered in 2008 in Iran. The contract for drilling has gone to a local Iranian company, which is committed to producing 28 million cubic metres of gas over five years. The gas field has about 23 cubic trillion feet of gas of which 60 per cent is recoverable, say energy experts.
ONGC Videsh, which has invested about $400 million in exploration activities, had submitted a development plan but matters got delayed because of U.S. sanctions and Iran not making up its mind.
