In what would be the first such agreement for a foreign oil company operating in Iran for over thirty years, India is seriously considering an offer of a production sharing contract (PSC) to develop the 12.5 tcf Farzad-B gas field in Iran’s offshore Farsi block, an official at India’s Ministry of Petroleum says.
Iran made the proposal at a series of meetings in Delhi late last month aimed at boosting both economic ties between the two countries and import volumes of Iranian crude to India – traditionally one of Iran’s biggest buyers of crude. This comes as Tehran is looking to secure new customers for its oil as existing customers continue to reduce purchases of Iranian crude due to Western sanctions aimed at derailing its disputed nuclear program (see p14). (CONTINUED - 674 WORDS)
