India Set to Lose Farzad-B Gas Field in Persian Gulf as Iran Picks Local Firm Over ONGC Videsh Ltd

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, and offered to invest up to USD 11 billion for development of the discovery. Sources, however, said Iran has identified a local firm for the development of the field.