• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 45 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 41 mins How Far Have We Really Gotten With Alternative Energy
  • 3 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 15 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Iran Could Consider Russian Deal For Farzad-B Block

If India backs out of the Farzad-B natural gas block deal, Russian companies could be stepping in to fill the vacuum, according to remarks by Iranian Oil Minister Bijan Zangeneh on Thursday.

It originally looked as if the field in the Persian Gulf would be offered to India after the country offered a $3 billion investment plan, but Tehran has been on the lookout for better bids since negotiations with the Asian country became topsy-turvy. A consortium of Indian companies originally discovered the field in 2008, before international sanctions against Iran for its controversial nuclear program went into effect.

Last week, there were signs that talks between India and Iran regarding the deal had broken new ground.

"Senior officials in both countries are willing to discuss and find an agreement over the Farzad B project," Iranian Deputy Oil Minister Amirhossein Zamaninia said. "The two sides agreed to a meeting between representatives of ONGC Videsh (OVL) and National Iranian Oil Company executives, including chief executive officer Ali Kardor and deputy for development and engineering, Alireza Manouchehri.”

The foreign wing of the Oil and Natural Gas Corporation Ltd. of India (ONGC) began the process of acquiring the rights to develop the Farzad-B block in the Persian Gulf back when sanctions against Tehran were lifted last year. It is estimated to contain over 350 billion cubic meters of natural gas, with a productive life of 30 years. Iran argues that the ONGC’s $3 billion proposal to work in the natural gas reservoir are not financially attractive.

As a result, New Delhi had instructed local refiners to shrink the input from Iran to 190,000 barrels daily from 240,000 bpd – close to half of the total daily import rate for Iranian crude for the period from April 2016 to this February. In fact, Iran managed to get to the  number 3 spot among the top crude oil exporters to India, after Iraq and Saudi Arabia.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News