Iran won’t wait for India on Farzad-B gas project
Iran is not going to wait for India on developing Farzad-B gas field and soon the project will know its operator, deputy head of the National Iranian Oil Company (NIOC) said, ISNA reported on Friday.
Farzad-B, with estimated reserves of 12.8 trillion cubic feet of gas, was opened in 2008 by a consortium of three Indian companies: ONGC, Oil India Limited and Indian Oil Corporation.
The Indians were supposed to develop the field after its exploration, but they stopped their activities after the West intensified sanctions on the Islamic Republic 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 February, NIOC head said Iran and India are still discussing development of Farzad-B gas field.
“Development of Farzad-B has been and will be a top priority for NIOC and the negotiations with India are still underway,” Masoud Karbasian told Tasnim news agency.
In May, Iranian Oil Minister Bijan Namdar Zanganeh said India is still the top option for awarding Farzad-B gas field development project.
“Our intention is to hold final talks with them [India]….if they are not ready to do the project, we will continue with an Iranian company, however if Indian companies come forward, they will be the ministry’s priority for completing the project,” Zanganeh said.
The official noted that Iranian oil ministry has prepared a plan for financing the project and the framework of the contract is also going through final editions.
According to an agreement, the Indians were first to submit a technical plan and then a financial proposal for the development of the field, but Iran did not agree with the other side's financial proposals.
source: Tehran Times
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years