Seeking to put an end to uncertainty, Iran on Monday gave ONGC-Hinduja consortium three-month deadline to take a final call on its participation in the $7.5-billion gas field in the Persian Gulf.

The Iranian oil company — Petropars — has set a year-end deadline for giving a final shape to the project. Petropars had offered ONGC Videsh Ltd. (OVL) and the Hinduja group 40 per cent stake in the development of Phase-12 of the giant South Pars gas field.

“The technical due diligence has been completed by OVL. Financials and project model have been gone through. We are waiting for OVL decision on the issue,''' Gholamreza Manouchehri, Managing Director of Petropars Co, said on the sidelines of the Petrotech-2010 conference.

The South Pars Phase-12 (SP-12) project will produce 3 billion cubic feet a day of gas from 2014, two-thirds of which will be converted into liquefied natural gas for exports.

The remaining one billion cubic feet a day will be for domestic consumption in Iran.

Besides, SP-12 will also produce 120,000 barrels per day of condensate and other products like LPG and ethane, he said. The gas from the project will be taken by Iran-LNG, which is building a $5 billion plant at Tombak Port by 2011 to turn it into liquid state so that it can be shipped in cryogenic vessels.

"Indians companies can take stake in the liquefication plant and buy LNG,'' he said.

More In: Companies | Business