Minister: Iran’s Petropars to Develop Farzad B Gas Field
Iranian Oil Minister Bijan Zangeneh announced that the country’s Patropars Company has been awarded to take charge of the engineering, exploration and basic design sections of Farzad B Gas Field Development Project.
“The company had signed a contract for developing the offshore project with the National Iranian Oil Company, a contract which has been signed off by the board of directors of NIOC,” Zangeneh said.
The Iranian oil minister added that an investment of $75 million was to be made in the project by tapping the domestic resources of NIOC in the first phase.
He noted that the remaining capital for financing the project is expected to be procured under buyback or IPC contracts.
“Developing Phase 11 of the South Pars gas field was also fully awarded to Petropars,” Zangeneh said.
In a relevant development in September, Iran’s Petropars signed a $440 million contract to develop the Belal gas field in the Persian Gulf.
Zangeneh said then that in addition to Belal gas field, Iran planned to begin operation at Farzad B gas field this year and resume developing Phase 11 of the giant South Pars gas field.
Talks were also underway with several domestic companies to extract more oil from South Pars, he added.
source: Fars News
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