{"id":1546,"date":"2017-11-03T20:56:59","date_gmt":"2017-11-03T21:56:59","guid":{"rendered":"https:\/\/madaresharghi.com\/ongc-seeking-to-diversify-assets-amid-iran-gas-row\/"},"modified":"2017-11-03T20:56:59","modified_gmt":"2017-11-03T21:56:59","slug":"ongc-seeking-to-diversify-assets-amid-iran-gas-row","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/ongc-seeking-to-diversify-assets-amid-iran-gas-row\/","title":{"rendered":"ONGC Seeking to Diversify Assets Amid Iran Gas Row"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tIndia\u2019s ONGC Videsh has turned its focus on buying stakes in overseas oil and gas production assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday. Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, have been negotiating with Iran for the development rights of Farzad-B gas field since its discovery in 2008.<br \/> \t\u201cWe have been extremely flexible in our dealing with Iran and hoped that Farzad will add to our output target but the deal is not yet finalized. In the meantime, we are looking for producing assets elsewhere to boost our output,\u201d N.K. Verma told Reuters. ONGC Videsh is targeting production of 60 million tons of oil and gas by 2030 from 12.8 million tons in 2016\/17.<br \/> \tVerma listed Africa, Central Asia and Latin America as preferred regions for acquiring production assets.<br \/> \tIndia was hoping to get rights to develop Farzad-B as the South Asian nation was one of the handful of countries that continued to deal with Tehran despite sanctions.<br \/> \tBut since the end of some sanctions last year, Iran has sought other investors and media reports suggest that Tehran has agreed to award the field to Russia\u2019s Gazprom.<br \/> \tVerma said India modified its bid several times to match Tehran\u2019s expectations and terms to get the development rights for the gas field in the Persian Gulf.<br \/> \t\u201cWe wanted to do only upstream but Iran asked us to include downstream so we revised and raised our bid to $11 billion and linked gas prices to international benchmarks,\u201d he said. ONGC had previously submitted a $5 billion deal.<br \/> \tIran has modified its petroleum contract model, ending a decades old buyback system that barred foreign firms from booking reserves or taking equity stakes.<br \/> \t&#8220;Under new terms, Iran wants India to operate the field for 20 years and commit to buy gas for 25 years at prices higher than those proposed by ONGC,&#8221; he said.\u00a0 Iran\u2019s previous contracts gave investors an assured return of 18%.<br \/> \t\u201cOur calculations show that under new rules, we would be getting returns in low single digit and do not justify taking investment and production risk,\u201d Verma said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi India\u2019s ONGC Videsh has turned its focus on buying stakes in overseas oil and gas production assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday. Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ONGC Seeking to Diversify Assets Amid Iran Gas Row - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/ongc-seeking-to-diversify-assets-amid-iran-gas-row\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ONGC Seeking to Diversify Assets Amid Iran Gas Row - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi India\u2019s ONGC Videsh has turned its focus on buying stakes in overseas oil and gas production assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday. 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