Subsea Production: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

Farzad Gas Field Output Seen 9.7TCF

Source: Reuters 7/20/2009, Location: Asia

Share |

The Indian-operated Farzad field in Iran's Farsi block is expected to produce about 9.7 trillion cubic feet (TCF) of gas in 30 years, India's junior oil minister Jitin Prasada said on Monday.

Farsi is the first overseas asset for which India firms have obtained exclusive exploration rights.

India's state-run Oil and Natural Gas Corp (ONGC.BO) and Indian Oil Corp (IOC.BO) each hold a 40 percent interest in the block, and smaller outfit Oil India Ltd has the rest. The Persian GUlf block is operated by ONGC's overseas arm, ONGC Videsh Ltd.

"The potential of the gas production from Farzad-B gas field in 30 years is about 9.7 TCF," the minister told parliament in a written reply.

ONGC Videsh Ltd has submitted a master development plan for the Farzad-B gas field in Persian Gulf to the Iranian Offshore Oil Co (IOOC) in line with the exploration service contract, the minister said.

"The amount of the investment will depend on the approval of master development plan by Iranian authorities," the minister said.

News reports earlier said Indian firms plan to spend around $5 billion to develop the offshore Farzad gas field and ship the liquefied natural gas (LNG) to India.

"Since the Farsi block is being operated by ONGC Videsh under exploration service contract, the amount of gas has not been committed to ONGC Videsh," Prasada said.

In November 2008, a senior source at an Indian company holding a stake in the block said Iran had approved the commercial viability of natural gas production at the Farsi block.

Iran is drawing interest from Indian and Chinese firms that are keen to tap the world's second-largest reserves of oil and gas and are less susceptible than many other companies to Western pressure over Tehran's nuclear programme.

The minister said at present Indian national oil companies were not competing with China to acquire oil fields in Iran, but competition could not be ruled out in future.

India, which imports over 70 percent of its oil requirements and is Asia's third-largest oil consumer, has been intensifying its efforts to boost oil production abroad to make up for stagnating domestic output.

Subsea Production News in Iran >>

China Stock Movements in September 2014
China >>  9/15/2014 - The latest information for July showed that Chinese total oil commercial inventories rose by 11.7 mb, reversing the drop of last month. At 407.3 mb, C...
Honeywell’s UOP Oleflex™ Technology Selected in China
China >>  9/11/2014 - UOP LLC, a Honeywell company, announced that its Oleflex™ process technology has been selected to produce key ingredients to help meet the growing dem...

Japan Oil Trade in September 2014
  Japan >>  9/11/2014 - Japan crude oil imports increased in July by 87 tb/d, or 3%, to average 3.1 mb/d. In a y-o-y comparison of crude imports, July saw a decline of 387 t...
CTCI, Chiyoda, CCJV P1 E&C, Synerlitz and MIE Awarded EPCC Contract from Petronas
Malaysia >>  9/5/2014 - PRPC Refinery and Cracker Sdn. Bhd., a subsidiary under the Petroliam Nasional Berhad (PETRONAS) group, Malaysia’s national energy company has awarded...

Air Products Awarded Technip EPCM Contract in India
India >>  9/4/2014 - Technip was awarded by Air Products a contract to provide project management, as well as engineering, procurement and construction management (EPCM) s...
Other Asia Oil Demand - August 14
  India >>  9/4/2014 - In India, demand for oil in June 2014 was rather solid as compared to June 2013 levels. Increases were constant across all the main product categories...



Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |

More News

Oil & Gas Projects in Iran >>

Oil & Gas Companies in Iran >>

Related Links

Countries Quick Links

AZ BD CN GE ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us