OVL loses contract to develop Iranian fuel subject
In a significant company setback, India on Monday misplaced the ONGC Videsh Ltd-discovered Farzad-B fuel subject within the Persian Gulf after Iran awarded a contract for creating the numerous reserve to an area firm.
“The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf,” the Iranian oil ministry’s official information service Shana reported. “The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran,” it additional added.
The fuel subject holds 23 trillion cubic toes of in-place reserves, of which about 60 per cent is recoverable. It additionally holds fuel condensates of about 5,000 barrels per billion cubic toes of fuel.
The buyback contract signed on Monday envisages each day manufacturing of 28 million cubic meters of bitter fuel over 5 years, Shana stated.
ONGC Videsh Ltd (OVL), the abroad funding arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 found an enormous fuel subject within the Farsi offshore exploration block.
OVL and its companions had provided to speculate as much as $11 billion for the event of the invention, which was later named Farzad-B.
The 3,500 sq. kilometer Farsi block sits in a water depth of 20-90 metres on the Iranian facet of the Persian Gulf.
