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Monday, 23 May 2016 - 9:25
As No Deal with Iran Yet, ONGC May Lose Gas Field to Saudi Arabia
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India's flagship explorer ONGC is facing a repeat of KG fiasco in Iran as lengthy negotiations on terms may drive it to a point where its discovered gas reserves in Farzad-B field in the Persian Gulf, may be drawn out by neighbouring Saudi Arabia. 

State-owned Oil and Natural Gas Corp (ONGC) alleges that 11.12 billion cubic meters of natural gas worth Rs 11,055 crore has flowed from its idling Krishna Godavari basin blocks in Bay of Bengal to neighbouring KG-D6 fields of Reliance Industries.

And the same is now on the verge of repeating in the Farzad-B field, which it had discovered in 2008, but no contract to exploit the 12.5 trillion cubic feet of recoverable reserves, has so far been concluded with Iran. 

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