ONGC Says Submits Revised Plan for Farzad Gas Field
ONGC Says Submits Revised Plan for Farzad Gas Field

ONGC Says Submits Revised Plan for Farzad Gas Field

ONGC Says Submits Revised Plan for Farzad Gas Field

The overseas arm of India's Oil and Natural Gas Corp has submitted a revised plan to develop the giant Farzad B gas block in Iran, including a commitment to spend more than $3 billion, a senior executive said on Tuesday.
ONGC Videsh expects to produce between 1 billion and 1.6 billion cubic feet per day (28 million and 45 million cubic meters a day) of gas in five years from the start of development of the block, N. K. Verma, the company's managing director told Reuters in Mumbai on Tuesday.
India is the second-largest buyer of Iranian crude, and was among the few countries to continue trade with Iran while the country faced western sanctions over its nuclear program.
But since the lifting of some of the sanctions last year, Iran has sought other investors and there is some uncertainty whether the Farzad block contract will be awarded to an Indian company. The impasse has led Indian refiners to plan on cutting imports from Iran by a fifth in 2017-18.
Verma also commented that ONGC Videsh expects to raise production during the fiscal year ending in March 2018 to 14 million tons oil equivalent, up from 12 million tons in the fiscal year of 2017. The company also plans to invest $45 million to produce from gas wells owned by Imperial Energy, which ONGC Videsh acquired in 2008.
"We are setting up gas processing facilities... we have dug four pilot wells and have got encouraging response," Verma said.


Short URL : https://goo.gl/wGPgnZ
  1. https://goo.gl/QkkXuc
  • https://goo.gl/gh7KGE
  • https://goo.gl/0peXyy
  • https://goo.gl/eE9Jxw
  • https://goo.gl/pHnINA

You can also read ...

Turkey Cuts Iran Oil Imports
Turkey’s biggest oil importer Tupras has cut back purchases of...
US Oil Industry Lobbies Against Russia Sanctions
The US oil and gas industry is lobbying against tighter...
Lack of Wind Jeopardizes UK Turbine Investments
It has been a stifling summer of disappointment for investors...
Tabriz Refinery Signs Tail Gas Agreement
Tabriz Oil Refining Company signed a $12 million agreement on...
Kuwaiti Crude Heading for Japan
Kuwait's newly launched Super Light crude oil is increasingly...
MAPNA Ready to Increase Installed Power Capacity
Iran's top engineering and energy enterprise MAPNA Group is...
EOR Operations Underway at North Yaran Oilfield
Operations are underway to increase oil production at North...
ICOFC Intends to Boost Gas Condensate Output
The state-owned Iranian Central Oil Fields Company plans to...

Add new comment

Read our comment policy before posting your viewpoints