Question: Consider the following statements:
(1) India lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf held by Iran.
(2) India in 2008 had discovered a giant gas field in the Farsi offshore exploration block later named as Farzad-B.
Of the above correct statement/s is/are:
(a) Only (1)
(b) Only (2)
(c) Both (1) & (2)
(d) None of the above
Answer: (c)
- India lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.
- The National Iranian Oil Company (NIOC) has signed a contract worth USD 1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf.
- The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas.
- ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 discovered a giant gas field in the Farsi offshore exploration block.
- OVL and its partners had offered to invest up to USD 11 billion for the development of the discovery, which was later named Farzad-B.