India’s ONGC Eyes Iranian Gas Stake

26 November 2009 (Last Updated November 26th, 2009 18:30)

Indian state explorer Oil and Natural Gas Corp (ONGC) is seeking a 20–25% stake in a $7.5bn phase-12 project off Iran's South Pars gas field, according to local media reports. ONGC's overseas investment arm, ONGC Videsh, will hold talks with officials from National Iranian Oil Co

Indian state explorer Oil and Natural Gas Corp (ONGC) is seeking a 20–25% stake in a $7.5bn phase-12 project off Iran’s South Pars gas field, according to local media reports.

ONGC’s overseas investment arm, ONGC Videsh, will hold talks with officials from National Iranian Oil Co next week, the Business Standard newspaper said, citing local news agency Press Trust of India.

The Hinduja Group also expressed interest in developing the project, it said.

Iran, which has the world’s second-largest gas reserves after Russia, has estimated it would require $40bn to develop the remaining phases of the South Pars fields within ten years, according to Reuters.