Minister: Iran, India agree in principle on oilfield development

IRNA – Minister of Petroleum Bijan Zangeneh said on Saturday that during President Hassan Rouhani’s recent visit to India, the two countries agreed in principle on development of Farzad B oilfield.

He hoped that they will also reach agreement on the details of the project.

India’s involvement and investment in developing Iran’s oil and gas sectors was put forward during Indian Prime Minister Narendra Modi’s visit to Tehran last year.

Indian oil and gas company ONGC Videsh has finalized a plan worth over three billion dollars to develop Farzad B oilfield, for which it has proposed amendments.

During Rouhani’s trip to India in mid-February, 15 documents were signed by the two countries.

Indian companies expressed interest in investing in Farzad B oilfield which was approved by the Iranian president.