BAKU, Azerbaijan, Nov. 4
By Elnur Baghishov – Trend:
A contract will soon be signed with Iran's Petropars Operation and Management Company (POMC) on the development of the Iran-Saudi Arabia joint Farzad B gas field, Managing Director of Iran's Pars Oil & Gas Company (POGC) Iran Mohammad Meshkinfam said, Trend reports citing POGC.
According to Meshkinfam, preliminary technical researches have been conducted to sign a contract in connection with the gas field.
The director added that the gas to be extracted with the launch of this field will be transported to 5 refineries of the South Pars Gas Company (SPGC).
Iran's Farzad B gas field is a joint gas field with Saudi Arabia. As reported, the gas field contains 614 billion cubic meters of gas and of which 60 percent can be extracted.
Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.