ET reported that ONGC Videsh Limited, the overseas arm of Oil and Natural Gas Corporation, has sought doubling of stake in Iran's Yadavaran oilfield in lieu of earlier earmarked Jufeyr field that has been given to a Belarus firm.

Iran had in 2005 offered OVL 100% developmental rights of Jufeyr oilfield and 10% of Yadavaran oilfield in lieu of India importing 5 million tonnes a year of liquefied natural gas worth USD 22 billion from Iran.

An official of OVL said that "We were in March 2007 told that the government of Belarus had signed a MoU with Iran and Belarusneft was negotiating master development plan for Jufeyr field. We are well within our right to seek substitution of the Jufeyr field with additional 10 percent interest in Yadavaran field.” He added that OVL has told National Iranian Oil Company that it would not come in the way of Iran awarding Jufeyr field development to Belarusneft but.

OVL subsequently laid claim over an additional 10% participating interest in Yadavaran field, the majority developing rights of which have been awarded to a Chinese company.

India's plans to import 5 million tonnes a year of LNG from Iran beginning 2010 are in limbo after Tehran sought renegotiation of gas price. Despite a consortium of Indian Oil, GAIL, and Bharat Petroleum signing a legally biding LNG sale purchase agreement with National Iranian Gas Export Co, NIOC has refused to endorse the deal without New Delhi agreeing to pay a higher price.