Representational image of Oil refinery

Photo: Google

ONGC Likely To Lose Exploration Rights Over Oil-block Discovered In Iran

After investing $400 million, India's ONGC Videsh Limited (OVL) may lose the 'oil-exploration rights' over Farzad-B gas-field in Iran. According to unconfirmed sources, National Iranian Oil Co has found a domestic company for the development of the oil-block. Reportedly, after continuous inconclusive negotiations between 2012-2018, nothing was realised due to difficult terms and international-sanctions against Iran. In 2008, OVL discovered… read-more

Mon, 19 Oct 2020 - 02:56 AM / by Nitesh Kumar Singh

Tags: Iran, India, ONGC, ONGC Videsh Limited, Farzad-B, oil field, Middle East, Sanctions

Courtesy: Deccan Herald