Petropars asks ONGC consortium to decide on gas field in 2mths

NEW DELHI: Iranian oil company Petropars on Monday said it has given the ONGC-Hinduja consortium a two-month deadline to decide on participating in a USD 7.5 billion gas field development in the Persian Gulf.

State-own oil explorer ONGC and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.

"ONGC has completed technical and financial due diligence and we are awaiting their decision on participation in the project," Petropars CEO G R Manouchehri said the sidelines of the Petrotech 2010 conference here.

He said Petropars had given ONGC a there-month deadline to decide on the project. "One month of this has already passed."

The South Pars phase-XII project is to produce three billion cubic feet per day of gas from 2014. Of this, two billion cubic feet per day would be converted into liquefied natural gas for export.