Iranian oil company Petropars said on Monday it has given the Oil and Natural Gas Corporation-Hinduja consortium a two-month deadline to decide on participating in a $7.5 billion gas field development in the Persian Gulf.
State-own oil explorer Oil and Natural Gas Corporation 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 chief executive officer G R Manouchehri said the sidelines of the Petrotech 2010
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.
