BAKU, Azerbaijan, May 17
By Elnur Baghishov – Trend:
Iran-Saudi Arabia joint Farzad B gas field is Iran's last joint gas field to be developed, Iranian Oil Minister Bijan Zanganeh said, Trend reports citing National Iranian Oil Company’s website.
He made the remark in an event dedicated to the signing of a contract on the development of the Farzad B gas field today on May 17.
The minister noted that a number of plans for the development of the Farzad B gas field have been researched. Thus, the focus has been on reducing costs and ensuring financial resources.
Zanganeh added that for example, the amount of expenses on projects related to the phases of the South Pars gas field is twice less than the amount to be spent on the Farzad B gas field.
“The gas condensate of the Farzad B gas field is low and the acidity is very high. Therefore, about $2 billion should be spent on one phase of this field. These funds should be increased to $3.5 billion in the next stage," he said.
According to the minister, expenses on the Farzad B gas field will be covered by the investment of the National Development Fund of Iran and bonds issued by the National Oil Company of Iran (NIOC).
As reported, the Farzad B gas field is one of the joint fields between Iran and Saudi Arabia and is located 20 kilometers from Farsi Island.
On May 17, the National Iranian Oil Company (NIOC) and the Petropars Operation and Management Company (POMC) signed a contract on the development of the Farzad B gas field.
According to the contract, $1.78 billion will be spent in order to extract 28 million cubic meters of sour gas daily.