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NEW DELHI, June 13 (UPI) -- Indian energy firm Videsh Ltd. and its domestic energy partners made a $3 billion proposal to exploit finds in the Farsi gas block in Iran, officials said.
Videsh, the Indian Oil Corp. and Oil India Ltd. proposed the deal to realize 12.8 trillion cubic feet of gas reserves from Iran within the next three to four years, The Press Trust of India said Friday.
The group reported its gas finds in December and is waiting for Iranian officials to give their approval for the development of the field.
"We see recoverable reserves at 12.8 TCF," a senior Indian Oil Corp. official said. "Typically, Iran may take one to two years to decide on awarding the development, but we are hopeful it may be done soon in case of Farsi."
If Iran awards development rights to the group, the consortium will get a 15 percent rate of return over their initial investments in the field.
"The oil and gas will belong to National Iranian Oil Co., and it is they that will do the marketing of it. We have no say in that," the official said.
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