May 17, 2021 17:45

Petropars Signs $1.8 Billion Farzad B Gas Field Contract

Unlike natural gas reserves in the giant South Pars Gas Field that is rich in condensates —an ultra-light oil— which can be converted into value-added commodities, gas from Farzad B will either be pumped into pipelines or converted into LNG

The National Iranian Oil Company signed an agreement with the domestic oil company Petropars to develop the Farzad B Gas Field in the Persian Gulf that is shared with Saudi Arabia.
The $1.8 billion contract will raise natural gas output to 28 million cubic meters per day by 2026 from the present 5 mcm/d.
The buyback contract was signed by Hamidreza Masoudi, managing director of Petropars and Masoud Karbasian, head of NIOC in Tehran on Sunday, the Oil Ministry news portal reported.

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Farzad-B Gas Field Development