ONGC, Hinduja Prepared to Invest Billions in Iran Oil and Gas Fields

North and South Pars Fields
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India's Oil and Natural Gas Corporation (ONGC) and the Hinduja Group are in discussions with Iran for the signing of a mid-April contract that would pump billions of dollars into Iran's South Pars gas field and the south Azadegan oil field, ONGC chairman and Managing Director RS Sharma told reporters Wednesday.

Though there is no definitive agreement, the "participating agreement" would involve ONGC Videsh and Hinduja in the development of phase 12 of the South Pars, as well as field development of the Azadegan oil patch.

"A lot of ground has to be covered before reaching a stage of signing a definitive agreement," Sharma told reporters.

Azadegan is the largest oil field in Iran after its 1999 discovery.

China and India have been on the hunt for opportunities to exploit the country with the world's second-largest oil and gas reserves. This week, China said it would be willing to step in and pick up any slack left by India in the $7.4 billion Iran-Pakistan pipeline deal if India backs out.

In December 2007, Sinopec signed a deal with Iran to develop the Yadavaran oil field.

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