India's Oil & Natural Gas Corporation (ONGC) and the Hinduja Group will meet again with Iranian companies to talk over developing an oil and a gas field in Iran and downstream projects in India, a Hinduja Group official said today.
Officials from ONGC Videsh, the overseas arm of state-run ONGC, and Hinduja's Ashok Leyland Project Services met officials of Iran's state-run Petropars and Naft Iran Intertrade, a subsidiary of National Iranian Oil Company, on Thursday.
Subir Raha, executive vice chairman of Hinduja Group India, said the upstream and downstream projects could cost $20 billion.
"This is the ballpark number at current prices. But the exact number will be known after a detailed feasibility report," he said. "Negotiations will continue, we will meet shortly," said Raha.
An ONGC official said that no agreement has been signed on the Indian companies' participation in the Iranian projects, but a basic understanding on some issues has been reached.
"There are still some open issues. We are moving ahead. Commercial issues have yet to be worked out," said the ONGC official, who asked not be named as the negotiations were ongoing.
The two sides have yet to finalise gas pricing, project cost and supply commitment from Iran.
ONGC and Hinduja Group are looking at joining the development of the South Pars Phase 12 gas field and the Azadegan oilfield in Iran, Reuters reported.
Upstream 2008
