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Iran Gives ONGC a Month to Sign Gas Deal

  • Iran has reportedly asked India's state-owned Oil and Natural Gas Corporation (ONGC) to decide within a month whether it wants to develop the Farzad-B gas field.“Iran has given a one-month ultimatum to India over its decision on participating in the development of Farzad-B gas field,” the Fars news agency quoted an unnamed oil official as saying.The two countries have been in talks for three years over the issue, but Iran believes the delay on India's side has been due to pressure from the Western countries led by the US.
  • ONGC and Indian Oil Corp each hold a 40 percent interest in the block, and smaller outfit Oil India Ltd controls 20 percent. The potential gas production over 30 years is 9.7 TCF.US and the European Union recently imposed the toughest sanctions so far on Iran in an attempt to curb its nuclear programme.“Possibly foreign pressures played a role in influencing Indian’s delays to develop the field,” the Iranian state official said.While Iran holds the world's second largest reserves of natural gas, but the development of its gas fields has been marred due to a slew of international sanctions.More and more countries are avoiding expanding economic ties with Iran because of fears of tough sanctions from Western nations, primarily the US.

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