India off Binaloud oil field expansion project

Young journalists club

News ID: 556
Iran » Iran
Publish Date: 12:01 - 20 March 2013
Tehran, YJC. After having loitered for 13 years, the Indian ONGC was removed from the Binaloud oil field expansion project by Iran’s Ministry of Oil.

The Iranian Ministry of Oil has said it has a new program for the expansion of Binaloud oil field at a time when the contract which has been discussed with Indian companies for many years has not been finally signed, Mehr News Agency reports.

The Iranian oil officials, though, had expressed willingness for assigning the project to Indian companies.

They had previously said "Currently technical, financial, and contractual negotiations are being held with Indian companies at their final stages and so far the necessary governmental certificates for the operation of the Farzad B gas field are being issued in Iran.”

The Iranian Oil Ministry website said in a report last month "While the Indian oil and gas company ONGC has conducted explorations in Binaloud oil field to evaluate the production phase of the field as unprofitable, experts at Iran Offshore Oil Company as well as researches at the University of Tehran Science Park have launched extensive research on the field whose primary results show that the production of heavy oil from the shared Binaloud field will be consummated in the near future.”

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