UANI

 Firm/country: Oil India Ltd. (OIL)/India;

Firm activity: Development of Farzad-B natural gas field in the Farsi block;

Status: Part of a consortium that is exploring the Farsi block and

that submitted a 2009 plan to develop the gas field over a 7- to 8- year period;

Commercial activity: 20% stake in the project, with an estimated total investment of $5 billion;

Firm comment: Contacted on February 18, 2010; no response as of March 22, 2010.

(GAO Report 2010, "Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors")

"Indian companies including Oil India Ltd and ONGC plan to buy a part of ConcoPhillips' Canadian oil sands assets worth around $5 billion." (Reuters, "India ONGC says presence in Iran, Sudan may affect US plans," 9/4/2012)

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"The Indian government has asked its public sector oil firms to seek legal opinion on the impact of the latest round of US sanctions on Iran on their investment in the Persian Gulf nation, Oil Secretary S Sundareshan said here. The US administration had in May named Oil and Natural Gas Corporation, ONGC Videsh Ltd, Oil India Ltd, IndianOil, Hinduja Group and Petronet LNG among the 41 firms worldwide having energy ties with Iran, an act for which it may impose sanctions on them." (Economic Times, "Oil PSUs to seek legal opinion of impact of sanctions on Iran," July 22, 2010)

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"We had last year mentioned about commercial gas discovery in an Exploration Service Contract for Farsi Off shore Block, Iran, where your Company has 20% PI as a member of the consortium led by OVL. Th e consortium is now in discussion with National Iranian Oil Company (NIOC) and Iran Off shore Oil Company (IOOC) on its development plan." (Company Website - Chairman's Address, 2010) 

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"The Company has overseas presence in seven countries, Libya, Gabon, Nigeria, Yemen, East Timor, Iran and Sudan.  These blocks are part of one of the most prolific basins in Libya. In Iran , OIL has 20% PI in Farsi Block. Discovery of oil and gas in the block has been made, which is being evaluated for commercialization." (Company Website - Press Release, April 2009)