May 2016, Vol. 243, No. 5

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India May Lose Prize Iranian Gas Field To Saudi Arabia

India’s state-owned oil and gas giant ONGC risks losing a massive Persian Gulf gas field in a contracting hurdle, as it races against Saudi Arabia to extract gas reserves from two fields spanning the Iran-Saudi Arabia border. India’s flagship explorer does not have the necessary contract to exploit the over 12 trillion cubic feet of recoverable reserves at the Farzad-B field in the Persian Gulf. ONGC discovered the field in 2008, but hasn’t managed to strike a deal with Iran since, though Prime Minister Narendra Modi’s planned visit to Iran has since raised expectations of positive forward movement. A portion of Farzad-B extends into territorial waters controlled by Iran’s reg

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