India intends to revive the $7bn gas pipeline project from Iran via Pakistan to meet its growing energy demands.
The decision follows Iran’s recently signed nuclear agreement with the world powers which opens up access to nuclear sites in the country in exchange for lifting of energy restrictions.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A senior oil ministry official from India will lead a delegation of oil industry executives in about a week to the country to push for the proposed pipeline project, reports The Economic Times (ET).
India also intends to develop the Farzad-B block in Iran, which had been discovered in 2008 by a consortium of Indian firms including ONGC Videsh, Oil India and Indian Oil.
The state-run companies had prepared a field development plan to explore about 12.8 trillion ft³ of gas from the block.
The plans had to be dropped as the US had imposed energy sanctions on Iran, accusing that the country of pursuing nuclear weapon development programme.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIndia seeks revival of the projects after the lifting of the ban since it had already invested around $90m for the exploration initiatives.
A member of the planned delegation was quoted by ET as saying: "We need to understand what’s on their mind and how we can expedite things.
"We will have to present our case for the Farzad block.
"We also need to discuss all possible ways to evacuate gas from that field so that it can be brought to India for consumption. This will include a discussion on the possibility of laying a pipeline from Iran via Pakistan."
India also had to abandon the plan for the gas pipeline construction following pressure from the US.
US had asked the country for setting up an alternate gas transport line from Turkmenistan via Afghanistan and Pakistan.
