Farzad B Gas Field
Source : The Hindu
GS II : Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora

Why in News ?

Iran gave the Farzad B gas field to Petropars a domestic gas producer. This is a setback for India’s energy ties with Iran as ONGC Videsh Ltd (OVL) had discovered the gas field in 2000 and has been part of the ongoing cooperation on that front.

Key Facts

• The Farzad B gas field in the Farsi region, which is located between the Iranian and Saudi territories.
• Iran comes despite India’s longstanding cooperation regarding the gas field.
• It is indicative of the impact of the U.S. sanctions on India Iran energy cooperation, which had been drastically reduced during the Donald Trump administration in the U.S.
• The Indian consortium has so far invested around $400 million in the block.

Farzad-B

• Farzad-B is an off-shore natural gas field 20 kilometres off Farsi Island in Iran.
• The gas field was discovered in 2008 by a consortium of three Indian companies, led by the state-owned
  • ONGC Videsh with a 40% stake
  • The other companies were Indian Oil Corporation (40%)
  • Oil India (20%)

Daily Current Affairs : Click Here