Indian consortium strikes oil in Iran
Pressure has been mounting on India to take a more cautious approach on Indo-Iran bilateral ties. The US had, in September 2006, extended the scope 
of economic sanctions under the Iran-Libya Sanctions Act, by which foreign companies making an investment of more than $20 million in one year in Iran's energy sector would be blacklisted. Although Indo-US nuclear deal has always had political overtones that had little to do with energy, it is difficult for energy-starved India to ignore the hydrocarbon potential of Iran. India has signed a $20 billion deal to buy Liquified Natural Gas (LNG) from Iran and is also pursuing a pipeline project along with Pakistan to bring Iranian gas to India.
of economic sanctions under the Iran-Libya Sanctions Act, by which foreign companies making an investment of more than $20 million in one year in Iran's energy sector would be blacklisted. Although Indo-US nuclear deal has always had political overtones that had little to do with energy, it is difficult for energy-starved India to ignore the hydrocarbon potential of Iran. India has signed a $20 billion deal to buy Liquified Natural Gas (LNG) from Iran and is also pursuing a pipeline project along with Pakistan to bring Iranian gas to India.The consortium of oil companies which began work in 2003 found the first traces of oil and gas in late 2006. Production from these fields is estimated to begin in another five years. As per the understanding with Iran, the Indian companies can buy back the oil and gas as well as earn a margin on their production.
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2 comments:
Thank you for sharing...i really good to see this post.nice article. and this article is developing related.
thepriselive
Great point you make there. good POST.. I like your perspective on this subject.
sandhisudha
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