Farzad-B
CountryIran
RegionPersian Gulf
Location
Farzad-B is located in Iran
Farzad-B
Farzad-B (Iran)
BlockFarsi
Offshore/onshoreoffshore
OperatorPetropars Group (National Iranian Oil Company)
Field history
Discovery2008
Production
Estimated gas in place21,680×10^9 cu ft (614×10^9 m3)

'Farzad-B is an off-shore natural gas field 20 kilometres off Farsi Island in Iran.[1] The total in-place reserves of the gas field are around 21.68 trillion cubic foot (6.14×1011 m3) of which around 60 percent is recoverable.[2]

The gas field was discovered in 2008 by a consortium of three Indian companies, led by the state-owned ONGC Videsh with a 40% stake; the other companies were Indian Oil Corporation (40%) and Oil India (20%).[3][4] The consortium had signed an exploration agreement in 2002 for the Farsi block, where the gas field was found.[5] The gas field was expected to produce 1.1 billion cubic foot (31,000,000 m3) of gas per day after the first phase of development.[2] Negotiations between the consortium and the National Iranian Oil Company (NIOC) to develop the gas field stalled due to secondary sanctions against Iran by the United States and the European Union in the early 2010s.[6] Following the lifting of sanctions after the Joint Comprehensive Plan of Action was signed in July 2015, the consortium was close to an agreement to invest $US5 billion to develop the gas field.[7] After the United States withdrawal from the Joint Comprehensive Plan of Action in May 2018, and the reinstatement of U.S. sanctions against Iran, the negotiations between the consortium and NIOC broke down.[8][9] In January 2020, Iran said that it would develop the field on its own, and that it may allow Indian involvement later.[10][11]

On 17 May 2021, the Iranian oil ministry said that a $1.78 billion contract had been signed with NIOC subsidiary Petropars Group to develop the gas field.[1][12] The daily gas production target for the first five years is 28 million cubic foot (790,000 m3), with the gas to be processed at Kangan, and the resulting gas condensates to be further processed in South Pars refineries.[1]

References

  1. 1 2 3 Morrow, Sibel (2021-05-17). "Iran signs $1.78B deal with local firm to develop Farzad gas field". Anadolu Agency Energy. Anadolu Agency. Archived from the original on 2021-05-17. Retrieved 2021-05-17.
  2. 1 2 "Iran replaces ONGC with state company in oil field". NDTV Profit. NDTV Convergence. 2013-03-26. Archived from the original on 2019-08-24. Retrieved 2021-05-17.
  3. ↑ Verma, Nidhi (2016-10-26). Cameron-Moore, Simon (ed.). "India, Iran aim to wrap up Farzad B gas field deal by March". Reuters. Archived from the original on 2021-05-17. Retrieved 2021-05-17.
  4. ↑ Mukul, Jyoti; Singh, Sudheer Pal. "India's slippery hold on Farzad-B gas field". Business Standard. Archived from the original on 2021-05-06. Retrieved 2021-05-17.
  5. ↑ Dutta, Sanjay (2021-05-17). "India loses $3-billion Iran bet, shown the door in Farzad-B gas field". The Times of India. Bennett, Coleman and Company. Archived from the original on 2021-05-17. Retrieved 2021-05-17.
  6. ↑ "Iran puts ONGC discovered Farzad-B gas field on auction list". Moneylife. Moneylife Group. 2014-09-24. Archived from the original on 2015-09-13. Retrieved 2021-05-17.
  7. ↑ "ONGC Videsh close to winning $5-billion Farzab-B gas field rights". The Economic Times. Bennett, Coleman and Company. Press Trust of India. 2015-12-07. Archived from the original on 2020-05-16. Retrieved 2021-05-17.
  8. ↑ Mehdi, Syed Zafar (2020-10-21). "India loses giant gas field in Iran". Anadolu Agency. Archived from the original on 2020-11-01. Retrieved 2021-05-17.
  9. ↑ Itayim, Nader (2021-05-17). "Iran to go it alone at offshore Farzad-B gas field". Argus Media. Archived from the original on 2021-05-17. Retrieved 2021-05-17.
  10. ↑ Roy, Shubhajit (2020-07-17). "Besides oil imports, US sanctions hit India plan to develop Iran natural gas field". The Indian Express. New Delhi: Indian Express Limited. Archived from the original on 2020-08-14.
  11. ↑ Mohan, Geeta (2020-07-17). "Iran to develop Farzad-B sans ONGC as India awaits response on cooperation in Chabahar-Zahidan rail link". India Today. New Delhi: Living Media. Archived from the original on 2020-07-17. Retrieved 2021-05-17.
  12. ↑ "Iran's Petropars to develop Farzad B gas field, Oil minister says". Reuters. 2021-05-17. Archived from the original on 2021-05-17. Retrieved 2021-05-17.

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