ONGC seeks oil assets in other regions amid Iran row

India modified its bid several times to match Tehran's expectations and terms to get the development rights

premium

CRUDE LOGIC OF DEREGULATION: With effect from April 1, the government has cut the natural gas price to $2.48 per million British thermal units, which will be effective for six months

Nidhi Verma New Delhi

Last Updated : Nov 03 2017 | 2:01 AM IST

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 flexible in our dealings with Iran and hoped that Farzad will add to our output target but the deal is not yet finalised. In