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India's ONGC to invest over $3bn in Iran natural gas block

State-run company revises proposal to meet Tehran's concerns

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Oil and Natural Gas Corp. is India's largest state-owned energy company.   © Reuters

MUMBAI -- India's largest energy explorer, Oil and Natural Gas Corp., plans to spend over $3 billion in developing the Farzad-B natural gas block in Iran, as the world's fastest-growing economy looks to address its rising energy needs.

The state-run company's overseas arm, ONGC Videsh Ltd., or OVL, has submitted an amended plan to Iran for developing the block within five years, according to media reports citing OVL Managing Director N.K. Verma. "Output from Farzad-B could range from 1 billion to 1.6 billion cubic feet of natural gas per day," Bloomberg reported.

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