The Iranian Oil Ministry announced that Petropars company will be awarded a contract worth $ 1.78 billion by the National Iranian Oil Company (NIOC) for developing the giant Farzad-B gas field, Bloomberg reported.
This gas field was previously intended to be assigned to a group of Indian companies. According to the statement, the agreement stated that Petropars will produce 28 million cubic meters of gas per day (mmcm/f) from the offshore deposit within five years. Farzad-B is expected to have reserves of around 500 billion cubic meters.
An Indian consortium was in negotiations with Iran to develop this project, but disagreement over investment volume and gas prices delayed the progress to be stopped completely after US imposed sanctions on Iran in 2018.