IRANIAN GAS FIELD'S STAKE WITH ONGC VIDESH LTD

 ONGC VIDESH LTD HAS RIGHT TO 30 PERCENT STAKE IN IRANIAN GAS FIELD

An Indian consortium led by ONGC Videsh Ltd contractually has the right to take 30 percent interest in Farzad-B gas field development in the persian gulf even after Iranian decision to award rights of the giant field to a local firm in 2020.

In the detail study its contractually as the oroginal license and someone who has discovered the field the Indian consortium has a right to take a 30 percent interest in the project involving development of reserves and production of gas. The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas.

• Existing Overseas assets of OVL

> Commonwealth of Independent States and Far East- Azerbaijan (Caspian Sea and Baku), Bangladesh (Bengal Basis), Myanmar (Rakhine Coast), Russia (Sakhalin, Siberia) and Vietnam (Nam Con Son basin in South China Sea). 

> Middle East- Iran (Persian Gulf), Iraq (Western Desert), Syria(Euphrates-Graben) and UAE (Zakum).

> Africa- Libya (Cyrenaica Basin), Mozambique (Rovuma) and South Sudan (Greater Nile oil project).

> Latin America- Brazil (Campos and Sergipe Basin), Columbia (Valesquez) and Venezuela (Orinco Belt).

About OVL

It is a Miniratna under the administrative control of the Ministry of Petroleum & Natural Gas. It is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).