Tag Archives: Oil and Natural Gas Corporation Limited (ONGC)

Iran has modified its petroleum contract model. ending a decades old buy-back system that barred foreign firms from booking reserves or taking equity stakes.

Tehran aims to sign 10 new oil and gas deals by the end of the current fiscal year (March 20. 2018).

The investment includes $5.8 billion for developing Farzad B and another $5 billion to build a facility to liquefy the gas and export it as liquefied natural gas (LNG).

According to Zanganeh. Tehran aims to sign 10 new oil deals by the end of the current fiscal year (March 20. 2018).

Under a new draft agreement SOCAR’s share would rise to 25 percent from 11.65 percent.

In the first half of 2017. the ACG field production averaged 585000 bpd from the six platforms.

In the meantime. other foreign companies are welcome to discuss their interest in the gas field.

India’s plan to merge some state-held oil enterprises could reduce inefficiencies in the sector.

Oilfield services providers would be expected to invest in the fields in exchange for payment for every barrel of oil or Btu produced over an established baseline. the report added.

ONGC Videsh and Indian Oil each own 40 percent interest in the Farsi block that holds Farzad-B field. while Oil India has 20 percent.