India and Iran carried forward talks on the contentious Farzad B Gas field row with a high-profile delegation from India, headed by Foreign Secretary S Jaishankar met with Iranian Minister of Petroleum Bijan Zangeneh in Tehran to further discussions on O&G cooperation. The Iranian government has been working on a new framework called the Iran Petroleum Contract that would permit foreign investors to form joint ventures lasting up to 25 years. According to a report by Iran’s news agency SHANA, development of Iran’s Farzad B gas field by India’s ONGC Videsh Ltd (OVL) and its financing model were discussed in the meeting between the Indian and Iranian delegation. The field in the Farsi block has an in-place gas reserve of 21.7 tcf, of which 12.5 tcf are recoverable.
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