ONGC arm delays plan to invest in Iran gas field after US sanctions

Farzad-B's gas reserve is estimated at 21.6 trn cubic ft. The major point of contention between India and Iran was regarding setting up of two pipelines and also the money for the development plan

The investment plan of ONGC Videsh (OVL) on Iran’s Farzad-B gas field in the Persian Gulf seems to have been put on the back burner, with banks and operators having expressed concern about sanctions by the US.
 
A source said a deal was expected to be signed on September 15 last year but got postponed after a European and an Australian consultant company withdrew from their contracts. A similar concern was raised by State Bank of India (SBI) that had an exposure to several projects of the fully-owned subsidiary of Oil and Natural Gas Corporation (ONGC). 
 
“OVL’s investments