India loses ONGC-discovered Farzad-B gas field in Iran Top Searches India loses ONGC-discovered Farzad-B gas field in Iran PTI / Updated: May 17, 2021, 16:06 IST FacebookTwitterLinkedinEMail ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 discovered a giant gas field in the Farsi offshore exploration block. (Representative image) NEW DELHI: India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian minister of petroleum Bijan Zangeneh in Tehran."