The head of the Iranian Offshore Oil Co. (IOOC) Mahmoud Zirakchianzadeh said that Iran was presently holding contractual and financial talks with the ONGC.
Iran has not yet exported any LNG but says it will be able to pump 77 million tons annually by 2014.
ONGC and Indian Oil Corporation Limited (IOOC) each hold a 40% interest in the Farsi block, while smaller outfit Oil India Ltd has the rest. It is operated by ONGC’s overseas arm ONGC Videsh Ltd.
The Farsi block is expected to hold recoverable gas reserves of 12.8 trillion cubic feet.
The IOOC head said earlier in April 2009 that Iran had reached an agreement with a European firm to develop the Lavan natural gas field in the Persian Gulf.
Zirakchianzadeh told the IRIB on April 14, 2009 that the two sides were working out the financial aspects of the contract and added that the European firm would spend around $4 billion in the gas field.
Based on this project, there will be an annual production of four million tons of LNG, he added.
