India’s state-run Oil and Natural Gas Corp (ONGC) says it plans to invest $3 billion with its partners to develop Iran’s Farsi gas block.
“So far, we have invested $90 million and if we are allowed to develop the field, we would be investing around $3 billion,” a senior source at Indian Oil Corp (IOC), a partner in the investment venture, was quoted as saying by Reuters Friday.
ONGC and IOC each hold a 40 percent stake in the joint project, which is expected to begin producing gas in three years, while the remaining 20 percent belongs to Oil India.
“In December 2007, we had submitted a gas commerciality report with Iranian authorities,” said the IOC source.
MMM/MR/DT
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