Project Profile
Value: $5,000 Million
Reserves: 21.68 trillion cubic feet (Tcf) of gas, out of which the recoverable reserves may amount to 12.8 Tcf
Location: between North Pars gas field and Golshan and Ferdowsi fields, Farsi block, Persian Gulf, Iran
Area: unknown
Startup Year: 2016
The project will see the development of Farzad natural gas field, located between North Pars gas field and Golshan and Ferdowsi fields, in the Farsi block in the Persian Gulf. The gas field contains in place reserves of up to 21.68 trillion cubic feet (Tcf) of gas, out of which the recoverable reserves may amount to 12.8 Tcf. The gas produced from the field could be turned into liquefied natural gas (LNG) for export, though more likely the gas will be injected into the national gas network after being processed. A processing facility is planned to be set up on the coastal part of Boushehr province and gas production is anticipated for a 30 year period.
n August 2015, ONGC Videsh submitted a revised proposal seeking the development rights of Iran\\\'s giant gas field Farzad B. A consortium headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore block but could not obtain the permission to develop it due to Western sanctions against Iran\\\'s nuclear program. July\'s agreement (2015) between Iran and six world powers have cleared the way for an easing of sanctions, raising prospects for the gas field that is estimated to hold initial in-place reserves of 12.5 trillion cubic feet, with a lifetime of 30 years. Iran and the consortium, which also includes Oil India and Indian Oil Corp, are soon expected to discuss the revised proposal. In July Tehran offered a draft contract, known as the Iran Petroleum Contract (IPC), to a visiting Indian delegation. The new contract for the block is a mix of production sharing and service contract.
Operators:
Iranian Offshore Oil Co (IOOC)
ONGC Videsh: Operator with 40% interest
Indian Oil Corporation Ltd (IOC): 40% interest
Oil India Ltd (OIL): 20% interest
Contractor:
Fugro Robertson: Reservoir Studies