An official from the Indian state-owned Oil and Natural Gas Corporation (ONGC) has said that the company is looking to acquire 20% and 10% interests in the Phase 12 development of the South Pars offshore gas project in Iran.
The Times of India reported that the deal will include a liquefied natural gas terminal (LNG) and the proposal will now be sent to the Indian government for approval.
The deal will see Iran export 6 million tonnes of LNG per annum to India over an extended period.
Phase 12 of South Pars is expected to yield 3 billion cubic feet per day of natural gas along with 120,000 barrels of condensate per day.
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