Iran had in September 2008 approved the commerciality of the discovery and the three partners are now in the process of preparing a development plan. Investments may be in the range of USD 4 billion, an ONGC official said.
The Indian company desires to liquefy the gas and export it to India in the form of liquefied natural gas (LNG).
The oil and gas will belong to the National Iranian Oil Co (NIOC). They have the marketing rights and we have requested them to allocate the gas to us for converting it into LNG, he said.
OVL (operator with 40% interest) has also presented a viability report for the one billion barrel oil discovery it made in 2006.
Oil was found in the BB structure in 2006, the discovery has been named Binaloud.
Feasibility report of the oilfield has been submitted to the National Iranian Oil Company, Iran, on November 26, 2008, he said.
