14 August 2016 - 17:47
  • News Code: 266939
Official Voices Hope for Finalization of Farzad B Gas Field

TEHRAN, Aug 14(Shana) – Managing Director of Pars Oil and Gas Company Ali Akbar Shabanpour on Sunday voiced hope for finalization of negotiations with the Indian side on development of Farzad B gas field till September.

An Indian delegation will arrive Iran in the weekend to negotiate the financial issues of investment in the Farzad B gas field, the official added.

He voiced hope for finalization of negotiations on the farzad B field till September.

India has announced that will invest in the development of the first phase of Farzad-B gas field in the Persian Gulf that was discovered by India’s ONGC Videsh, the overseas arm of the India’s state-owned Oil and Natural Gas Corporation.

After removal of financial limitations in the second month of this Iranian calendar year(started March 20), now development of all phases of South Pars are on the agenda, Shabanpour said elsewhere in his remarks.

He explained that because of limited access to financial resources, the government had prioritized certain projects before removal of sanctions.

Till the end of this Iranian calendar year, five more phases of South Pars will come on stream and Iran's gas extraction from this field will rise to 100 million cubic meters per day, the official noted.

The government managed to complete the development of the South Pars' top priority phases while it was under stiff Western sanctions and faced a remarkable fall in oil price.

News Code 266939

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