Iran asks ONGC-Hinduja to make up mind on Pars gas field

NEW DELHI - Iranian oil firm Petropars has set a year-end deadline for ONGC-Hinduja consortium to decide on participation in a $7.5 billion gas field in the Persian Gulf.

Speaking to reporters on the sidelines of Petrotech 2010, Petropars Managing Director Gholamrez Manouchehri said Iran had offered ONGC and the Hinduja group a stake of 40 percent in development of phase 12 of South Pars field.

The Iranian side had already forwarded its proposal for participation by the Indian firms, which included rate of returns, capital expenditure, non-capital expenditure and remuneration.

We have given ONGC a three-month deadline to respond. One month has already passed,” said Manouchehri, adding that he was hopeful that India will join the project. The South Pars phase 12 project has a capacity of three billion cubic feet (bcf) of gas.

The Iranian official said that he was hopeful to sign a deal by the end of the Iranian financial new year in March 2011.

— Indo-Asian News Service