Wednesday, 8 March 2017


ONGC Videsh Ltd. has chalked out an over $ 3 billion detailed plan for the development of the Farzad-B gas field off Iran.

Company sources revealed that the new plan discussed with Iranian Offshore Oil Company (IOOC) exempts liquefaction facilities to change the gas into LNG for ease of transportation to other countries.

The deal between two nations was initially scheduled to reach its final stage in 2016, but later the timeline was extended until February 2017.

Iran initially disagreed with the proposal of $10 billion plan tabled by OVL for the construction of the 12.5 trillion cubic feet reserves in Farzad-B field and a sister plant to liquefy the gas for transportation in ships.

The new plan developed by the company is completely revamped by keeping the costs within the budget of the client by making minimal adjustments in production facilities.

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