Daily CA | Current Affairs of 21st May for JKSSB, JKPSC, UPSC Exams - Click on Link Below To download.
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ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), India, had in 2008 discovered a giant gas field in the Farsi offshore exploration block.
The Indian consortium has so far invested around $400 million in the block.
A Development Service Contract (DSC) of the Farzad-B gas field was negotiated till November 2012, but could not be finalized due to difficult terms and international sanctions on Iran.
In April 2015, negotiations restarted with Iranian authorities to develop the Farzad-B gas field under a new Iran Petroleum Contract (IPC). However, the negotiations remained inconclusive.
