In a marked escalation of the West Asia conflict, Israel attacked Iran’s South Pars gas field, the world’s largest, shared with Qatar across the Persian Gulf, on March 18. South Pars was discovered in 1990. South Pars accounts for 70-75% of the Islamic Republic’s total gas production. In 2009, ONGC Videsh Ltd. (OVL) and the Hinduja Group signed agreements to pick up a stake in Phase 12 of the South Pars gas field, along with Petronet LNG. OVL, along with Indian Oil Corporation and Oil India, also had plans to invest $5-5.5 billion in developing the Farzad-B gas field.

Source: The Hindu March 22, 2026 14:37 UTC