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Contract to Develop Farzad B Gas Field Singing Soon

Source: Shana 10/25/2010, Location: Asia

"The contract to develop Farzad B gas field will be signed with a foreign company soon" managing director of the National Iranian Offshore Oil Company (NIOOC) announced.

In an interview with Shana, NIOOC’s managing director Mahmood Zirakchianzade said that NIOC had identified development of the field economical noting negotiations to finalize investment and development of the field are in the final stages.

According to Zirakchianzade, the foreign side is very interested to bring the gas field to production and to this end has obtained necessary governmental licenses to start executive operations while negotiations with NIOC is going on to conclude a contract.

Noting that the final meeting of the Iranian delegation to finalize Master Development Plan (MDP) will be held in near future, the official estimated that financial and contractual issues of the plan to be finalized up to the year end.

Mr. Zirakchianzade said that preliminary agreement had been signed with the foreign company noting the company is going to develop the field in the form of a buyback contract.

He estimating five billion dollars to be invested to develop the project adding the exact figure for the investment is not yet known.

He added that the contract to develop the gas field is going to be singed based on a new buyback contract so its financial model in not final and the exact figure for investment would be determined after holding tenders.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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