India to develop oilfield against Iranian gas import

Monday, 15 November 2004, 08:00 Hrs
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TEHRAN: Iran and India are finalising a trade-off of annual Indian purchase of five million tonnes of liquefied natural gas (LNG) in return for Indian companies' participation in developing an Iranian oilfield.

The Indian companies could be offered the right to develop a part of Yadavaran or northern Azadegan oilfields or the entire Zafil oilfield, Mehr news agency reports.

India already has a deal to invest in Iran's large South Pars gas field.

Iran has a $70-billion agreement with China to allocate the development of 51 percent of the Yadavaran oilfield to Chinese companies against their investing in one of the leading international oil companies.

Global market research firm Goldman Sachs expects India's oil consumption to double from today's levels in 10 years.

This thirst for fuel drives India's move to acquire overseas oil sources with cash-rich domestic companies - state-owned ONGC Videsh Ltd, Indian Oil Corporation and Gas Authority India Ltd - snap up energy interests across continents and negotiate deals to carry these fuels across the world.

Vital to the negotiations in Iran is India's attempts to wrap up a deal with its neighbour Pakistan on an overland pipeline to carry the Iranian oil to India. The only factor preventing an agreement between the neighbours is the troubled past between the nuclear neighbours, but there have been encouraging signs in both countries about this economic imperative, reports say.

Source: IANS
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