India’s Oil and Natural Gas Corporation ONGC Videsh is aiming to invest $6b in the giant Iranian natural gas field, Farzad-B, and spend more $5b to build a liquefied natural gas export facility. The field is estimated to hold reserves of almost 19tcf, according to RT.
“We have given our best offer to them. Now, it is up to them to agree or not agree,” the company’s Managing Director, Narendra Kumar Verma, stated. “We have told the Iranian authorities very clearly that some basic returns are necessary,” Verma added.