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Iranian NIOC awards Farzad-B gas field development project to domestic firm

Back in July 2020, NIOC Managing Director Masoud Karbasian said that the operator for Farzad-B gas field was determined and the deal for the development of the field was going to be signed in the near future

Iranian NIOC awards Farzad-B gas field development project to domestic firm

Teheran, May 17 – Neftegaz.RU. NIOC has signed a $1.78 billion deal with a domestic company called Petropars for the development of Farzad-B gas field in the Persian Gulf.
The deal was signed by Mohammad Meshkinfam, the managing director of Iran’s POGC, as NIOC representative, and Hamidreza Masoudi, the managing director of Petropars, in a ceremony today.

The signing ceremony was also attended by Oil Minister Bijan Zanganeh.
Based on the deal, Petropars is going to develop the field to boost its output to 28 million m3 per day of sour gas over a 5-year period.
The gas produced by this field will be transferred to the onshore facilities of Pars 2 Region in Kangan for processing.

Farzad-B, with estimated reserves of 12.8 trillion cubic feet of gas, was opened in 2008 by a consortium of 3 Indian companies:
  • ONGC
  • Oil India Limited
  • Indian Oil Corporation
India was supposed to develop the field after its exploration, but the Indian side stopped its activities after the West intensified sanctions on Iran in 2012.
With the lifting of the sanctions, India once again called for the development of Farzad-B by ONGC Videsh which is the overseas investment arm of the country’s biggest energy exploration firm.

In May 2019, Zanganeh said the Oil Ministry had prepared a plan for financing the project and the framework of the contract was going through final editions.
NIOC asked the Indian side to submit a technical plan and then a financial proposal for the development of the field, however, after submission Iran did not agree with the other side's financial proposals.

Later in August 2019, Karbasian announced that Iran was not going to wait for India on developing Farzad-B gas field, and soon the project would know its operator.

Source : Neftegaz.RU


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