ONGC may co-develop Farzad B under new Iranian contract model

Offshore staff

TEHRAN, Iran – Pars Oil & Gas Co. says the new Iran Petroleum Contract model may be applied for development of the Farzad B gas field in the Persian Gulf.

Managing director Ali Akbar Shabanpour told news service Shana his company is in talks with Indian contractors on the project which was previously assigned to ONGC India under the now defunct buyback contract terms.

A consortium led by ONGC Videsh with investments by ONGC India proved gas in the Farsi offshore block and has indicated interest in Farzad B.  

Development of the Farzad A and B fields could cost around $9 billion.

The first section of the platform for the Foruzan oil field in the Persian Gulf – a 7,800-ton structure – will be manufactured in Khoramshahr Port’s yard by IOEC with supervision from South Korean engineers, according to a separate Shana report.

The completed platform should double production from the field to 80,000 b/d.

04/05/2016

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