Indian oil firms shift focus to Israel from Iran amid changing geopolitics

Changing geopolitical alignments and receding investment prospects in Iran are prompting a consortium of Indian oil companies to push for domestic energy security through wider exploration and production projects in Israel and Latin American countries. With the $5-billion investment offer to develop the Farzad B oil gas asset in the Persian Gulf not expected to see the light of day, the consortium of Indian national oil companies, including ONGC, Oil India Limited and Indian Oil Corporation, will be putting its weight behind bids for 24 oil and gas blocks put up for development by the Israeli government, government sources have said.