ONGC Videsh to bid for South Azadegan oilfield

ONGC Videsh Limited has announced that it will bid for the development rights to Iran’s giant South Azadegan oilfield. The company will also rework the $6.2 billion cost of developing the Farzad-B gas field in the Persian Gulf to get rights to the field. The oilfield contains an estimated 33 billion barrels of oil, of which 6 billion barrels are estimated as recoverable.