Iran’s oil minister, BijanNamdarZanganeh, and his Indian counterpart signed a Memorandum of Understanding (MoU) on Farzad B field development planto be carried out by National Iranian Oil Company (NIOC) and Indian ONGC Videsh Ltd.
Under the MoU, the Indian side,as the head of a consortium, would propose its financial and operational method to Iran within two months,that is based on the seismic data of the exploratory studies conducted to finalize and draw a Master Development Plan (MDP) for the field.
Farzad B fieldis a hydrocarbon field, located in Farsi Block in the Persian Gulf, which is shared between Iran and Saudi Arabia.BesidesSouth Pars gas field, Farzad B is thesecond operational project of Pars Oil and Gas Company (POGC).
“According to initial negotiations and its agreements, the Indian consortium of the project would propose its financial conditions, investment method and the development plan to the Iranian side within two months,” said POGC Managing Director, Ali AkbarShabanpour. “Then after reaching the financial agreement, NIOC and ONGC Videsh will start talks over defining an MDP and a time schedule for theproject and accordingly sign a Heads of Agreement (HOA) once the commitments are realized.”
Advancement of negotiations and future contracts between the two companies would pave the ground for promoting long term cooperation of both countries.
The consortium of Farzad B gas field development plan, consisting of several Indian prominent companies, is headed by ONGC Videsh, India’s Oil and Natural Gas Corporation (ONGC) overseas investment arm. The consortium has conducted the exploratory and seismic studies of this offshore region under a contract with the National Iranian Oil Company.
Farzad B, located in Farsi Block, has 21.68 trillion cubic feet of in-situ reserves including 8.12 trillion cubic feet of natural gas and 212 million barrels of recoverable gas condensates and is among the large and commercial projects for development.
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