Iranians Ready for Indian Money

Equity in Iran's biggest gas field has been offered to India. The agreement for the South Pars field will be subject to a commitment from the Indian side to market the gas produced from the fields.

Speaking on the sidelines of the second Asia gas buyers summit, managing director of National Iranian Gas Export Company R Javadi said Iran has offered up to two phases out of the 28 phases of South Pars gas fields development. "However, this is provided New Delhi brings a market to sell gas produced from the fields," he said.

The 3,700-square km South Pars gas field, which is an extension of the Qatar North Dome gas field, is located 105km southwest of the Assaluyeh port in the Persian Gulf. It has an estimated 14 trillion standard cubic metre in-place gas reserves and 18 billion barrels of condensate in multiple strata. The National Iranian Oil Company has decided to develop the field in phases to secure the increasing internal demand for natural gas.