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 the 21.7 trillion cubic-feet-reserve, and offered to invest $11 billion for exploration.