(MENAFN) Following lifting of sanctions against Iran, India has been eying deeper energy relations with that country and has already lined up USD20 billion as investment in oil and gas, based on reports.
New Delhi is looking to increase engagement with the sanction-free Iran by raising oil imports and possible shipments of natural gas, and it also wants rights to develop Farzad-B gas field in the Persian Gulf discovered by OVL.
Indian firms have so far shied away from investing in Iran for the fear of being sanctioned by the US; hence New Delhi was deterred from claiming rights to invest USD7bn in the biggest gas discovery ever made by an Indian firm abroad.
However, after the historic lifting of sanctions, the most populous democracy in the world is making a renewed pitch for rights to develop a whopping total of 12.8 trillion cubic feet of gas reserves OVL had found in 2008.
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