ONGC eyeing stake in Iran gas field

Indian state explorer Oil and Natural Gas Corp (ONGC) is seeking a 20-25% 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, a newspaper reported.

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

ONGC chairman RS 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.