News ID: 192992
Published: 0621 GMT May 17, 2017

Iran, India discuss development of Farzad B gas field

Iran, India discuss development of Farzad B gas field

Iranian and Indian delegations in a meeting in Tehran conferred on New Delhi's offer to develop the first phase of Farzad B gas field in the Persian Gulf as well as Indian refineries' debts to Iran.

The Indian delegation, headed by Foreign Secretary Subrahmanyam Jaishankar in a meeting with Iran's Oil Minister Bijan Namdar Zanganeh discussed the grounds for expanding oil sector cooperation between the two countries, Fars News Agency reported.

They also negotiated plans by India's state-owned oil company ONGC Videsh to invest more than $3 billion to develop Iran's Farzad B gas field and studied the problems between the company and the National Iranian Oil Company (NIOC) to finance the project.

The two sides also discussed certain Indian refineries' debts to Iran which have still remained unpaid since the removal of sanctions.

In March, ONGC Videsh submitted a revised plan to the Iranian government for the field, which the company will be able to develop within five years, the company's Managing Director N.K. Verma told reporters in Mumbai.

Noting that the Indian company plans to spend more than $3 billion on Iran's Farzad-B natural gas block, he added it is now waiting for feedback from Tehran.

Verma said output from Farzad B could range from 1 billion to 1.6 billion cubic feet of natural gas per day.

Indian companies have been in talks with Tehran since 2009 on developing Farzad B gas field, estimated to hold 21.68 trillion cubic feet (tcf) of in-situ gas, of which 12.8 tcf is recoverable.

With 137.6 billion barrels of proven reserves, Iran has the world's fourth largest crude deposits. In terms of gas reserves, according to the 64th edition of the BP Statistical Review of World Energy released in June 2015, Iran is the world's top gas reserves holder with 33.8 trillion cubic meters.

   
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