India Finalizes Farsi Gas Block Development Plan with Iran

Citing junior petroleum minister Jitin Prasada, Dow Jones Newswires reported Thursday that the Indian government is in the process of finalizing the master development plan with National Iranian Oil Co. for the Farzad-B gas field, located in Iran's Farsi block.

"Preliminary estimated investment as per the master development plan would be about $5.5 billion for sales gas option wherein gas production is contemplated for a period of 30 years," Prasada was quoted as writing in a reply to a lawmaker's query in the lower house of Parliament.

The Farzad-B gas field is estimated to contain 12.5 Tcf of gas reserves and is being commercially developed by a consortium comprised of ONGC Videsh Ltd., Indian Oil Corp. Ltd., Oil India Ltd. and NIOC.