The Managing Director of the Iranian Offshore Oil Company, Saeed Hafezi, said that the company and an Indian consortium have agreed to sign a $3 billion contract to develop Farzad B gas field in the Persian Gulf.
He noted that a consortium comprising of Indian companies was a contractor of the exploratory phase in Farzad B gas field, but later it halted the activity due to the intensifying sanctions against Iran. According to Hafezi, a group of Indian companies visited Tehran over the last week to get acquainted with the terms of the new petroleum contracts.
