VIENNA (Sputnik) — The talks on the development of the Farzad B gas field between Iran and India have lasted for years, with both sides still at an impasse. In March, India offered a $3-billion investment plan to Iran, which still remains under consideration. Iran has been on the lookout for better bids from other countries since the lifting of the sanctions last year.
According to the Iranian minister, Tehran hoped that the Indian side could increase its offer, while implying that Russian companies could join the project if the initial bid was not improved.
In March, media reports suggested that India was increasing its pressure on Iran over the stalled Farzad B development deal by threatening to cut Iranian oil imports by a fifth if a consortium led by the Oil and Natural Gas Corporation Limited (ONGC) subsidiary was not awarded the contract.
In response, Zanganeh dismissed the threat of India cutting oil imports from the country. The minister added that India made unacceptable proposals in 2016, stressing that threats will not work, and suggesting that New Delhi should make rational and fair offers.
ONGC Videsh discovered Farzad B in 2008, but the gas field's development did not take place due to international sanctions imposed on Iran over its nuclear program. The field has an estimated reserve of 12.8 trillion cubic feet of gas.