Iran says exporting 350,000 barrels of oil to India per day

Iran is exporting 350,000 barrles of oil to India every days and is hoping that this would rise in the post-sanctions environment, Minister of Petroleum Bijan Zangeneh said.

Speaking at a joint press conference with Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan in Tehran, Zangeneh said that energy sector can be determining in development of Tehran-New Delhi relations, Shana news agency reported.

Pradhan was in Tehran as part of his three-nation tour to strengthen India’s energy security. His visit is the first by an Indian minister following removal of sanctions as India wants more oil and from Iran.

Zangeneh said Indian firms were interested in Iran’s oil, gas, and petrochemical projects, adding that the most important item in his talks with Pradhan was the investment to develop Farzad-B offshore gas field.

“It was decided that Iranian and Indian sides agree on the schedule of implementing the project which is a demanding job and takes time,” he said.

New Delhi is looking to increase engagement with Iran for the development of Farzad-B gas field in the Persian Gulf that was discovered by ONGC Videsh, the overseas arm of the India’s state-owned Oil and Natural Gas Corporation.

Under pressure from the United States, the OVL-led consortium delayed and ultimately relinquished development of Farzad-B offshore natural gas block. New Delhi also withdrew from the Iran-Pakistan-India pipeline project slated to bring 11.3 bcm meters of Iranian natural gas per year to India, Shana reported.

It said a proposal on the undersea pipeline to carry natural gas from Iran to India is also under study by an Indian firm.

Last December, managing director of the National Iranian Gas Export Company (NIGEC) said Tehran and New Delhi are seriously negotiating construction of a trans-Oman Sea-Indian Ocean pipeline to transfer gas to the energy hungry India.

Gas-rich Iran which holds the largest reservoirs of 34 tcm or 18 percent of the global resources has also entered into contracts for export of natural gas to neighboring Turkey, Pakistan, Iraq, and UAE.

 

Leave a Reply

Your email address will not be published.