ONGC Videsh Ltd (OVL), Indian Oil Corporation (IOC) and Oil India Ltd (OIL)
are planning to invest $4 billion (approx Rs 20,000 crore) in Farzad gas field
in Iran in the next 3-4 years.
Currently, OVL, IOC and OIL are in the process of preparing a development
plan for the gas field which has in place reserves of up to 21.68 trillion cubic
feet (Tcf), of which recoverable reserves may be 12.8 Tcf. In September 2008,
Iran had approved the commerciality of the discovery.
Also See:
OVL may bow out
of Sudan block (28-Apr-09)