India and Iran agreed that aim to strike a deal early next year on the Farzad-B gas field in the Persian Gulf, the Indian Petroleum and Natural Gas Ministry announced. The Farzad-B natural gas field was discovered four years ago. It is estimated to hold 18.75 trillion cubic feet of gas, according to the latest estimates. The Indian company ONGC Videsh, which has drilled an exploration well in the field, is expected to prepare amaster development plan and detail a gas pricing formula. India has been one of Iran’s largest buyers of crude oil, the Indian energy ministry said. The two countries also agreed, at a meeting in Tehran, to explore possibilities for Indian firms getting more development and production contracts from Iran. ONGC Videsh Limited (OVL) is the international arm of ONGC. It was rechristened on 15 June 1989. It currently has 14 projects across 16 countries.
Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India.
It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas.
The Ministry of Petroleum and Natural Gas is headed by the Cabinet Minister Dharmendra Pradhan.
He represented the Deogarh constituency of Orissa.
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