Indian Petroleum and Natural Gas Ministry announced that India and Iran agreed Wednesday they would aim to strike a deal early next year on the Farzad-B gas field in the Persian Gulf.
NEW DELHI (Sputnik) India and Iran agreed Wednesday they would aim tostrike a deal early next year onthe Farzad-B gas field inthe Persian Gulf, the Indian Petroleum and Natural Gas Ministry announced.
"The two sides agreed tomake their best endeavours toconclude the definitive agreement byFebruary 2017," the Indian ministry said ina press release. The Farzad-B natural gas field was discovered four years ago. It is estimated tohold 18.75 trillion cubic feet ofgas, according tothe latest estimates.
The Indian company ONGC Videsh, which has drilled an exploration well inthe field, is expected toprepare a master development plan and detail a gas pricing formula. India has been one ofIrans largest buyers ofcrude oil, the Indian energy ministry said. The two countries also agreed, ata meeting inTehran, toexplore possibilities forIndian firms getting more development and production contracts fromIran.