Farzad B Gas Field:
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Farzad-B is an offshore natural gas field located on the Iranian side of the Persian Gulf.
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The gas field was discovered in 2008 by a consortium of three Indian companies led by the state-owned ONGC Videsh, Indian Oil Corporation and Oil India.
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The gas field holds 23 trillion cubic feet of in-place reserves. Of these about 60% is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas.
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Why in News? India has lost the project as Iran has decided to build it domestically.
