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ONGC scouts for gas fields elsewhere after Iran talks tough on Farzad B

ONGC Videsh is targeting production of 60 million tonnes of oil and gas by 2030

Reuters  |  New Delhi 

India's ONGC Videsh has turned its focus to buying stakes in overseas oil and gas assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday. Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, have been negotiating with Iran for development rights of Farzad B gas field since its discovery in 2008. "We have been extremely flexible in our dealings with Iran and hoped that Farzad will add to our output target but the deal is not yet finalised. In the ...

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First Published: Thu, November 02 2017. 18:20 IST