Future of Iran’s Farzad B gas field in PG to be decided soon

Iran Materials 8 January 2012 12:12 (UTC +04:00)

Azerbaijan, Baku, Jan. 8/ Trend M. Moezzi

Iran's four-year negotiations with an Asian consortium to develop the Persian Gulf gas field will soon be completed, Mehr news agency reported.

The Farzad B field's 508 billion cubic meters of natural gas and 212 million barrels of gas condensate make it one of Iran's biggest Persian Gulf hydrocarbon fields. The field was to be developed by an Asian consortium with an exploration-development contract, but no final agreement has been reached still between Iran and the consortium as a result of four-year talks.

Officials of the National Iranian Offshore Oil Company (IOOC) say $5 billion is needed to develop Farzad B and the outcome of the contract talks will soon be decided.

The Farzad B's development plan forecasts 1.1 billion cubic feet of gas to be extracted per day within its first phase by drilling seven wells.