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.