Oil and Natural Gas Corporation’s (ONGC) overseas arm - ONGC Videsh (OVL) has finalized an over $3 billion master development plan for the coveted Farzad-B gas field off Iran and is likely to wrap up a deal by September.
The new plan, filed with Iranian Offshore Oil Company (IOOC), excludes liquefaction facilities to turn the gas into LNG for ease of shipping to nations like India. The two nations were initially targeting concluding a deal on Farzad-B field development by November 2016 but later mutually agreed to push the timeline to February 2017.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.