Iran Offshore Oil Co. and India’s Oil and Natural Gas Corp. have finalized a financial proposal for develop a gas field and oil field in the Persian Gulf.

IOOC Managing Director Mahmud Zirakchianzadeh said the two sides completed negotiations about the Farsi field in Tehran, Gulf Daily News reported on Tuesday.
“In our negotiations ... their financial proposal about the development on Farsi field was received and finalized,” he said.
ONGC is now set to begin technical studies. The project is planned to take place in two phases with an expected yield of 500 million cubic feet of natural gas per day from each phase.
In 2006, Iran said ONGC Videsh Ltd. found oil in this block. Iran is drawing interest from Indian and Chinese firms that are interested in tapping the world’s second-largest reserves of oil and gas.
ONGC and Hinduja Group are also looking at joining the development of Iran's South Pars Phase 12 gas field and the country’s Azadegan oil field.
(Source:upi.com)