India's ONGC eyeing stake in Iran gas field-report

NEW DELHI Thu Nov 26, 2009 10:46pm EST

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NEW DELHI Nov 27 (Reuters) - Indian state explorer Oil and Natural Gas Corp (ONGC.BO) is seeking a 20-25 percent stake in a $7.5 billion phase-12 project of Iran's South Pars gas field, media reports said on Friday.

ONGC's overseas investment arm, ONGC Videsh Ltd, will hold talks with officials of National Iranian Oil Co next week, the Business Standard newspaper said, citing local news agency Press Trust of India.

The Hinduja group is also interested in developing the project, it said.

ONGC Chairman R.S. Sharma declined to comment on the report.

Iran, which has the world's second-largest gas reserves after Russia, has estimated it would require $40 billion to develop the remaining phases of the South Pars fields within 10 years. [ID:nDAH144381] (Reporting by C.J. Kuncheria; Editing by Ranjit Gangadharan) ((kuncheria.jacob@thomsonreuters.com; +91 11 4178 1007; Reuters Messaging: kuncheria.jacob.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

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