May 17, 2021, 3:11 PM
Journalist ID: 1844
News Code: 84332388
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NIOC, PetroPars ink a deal to develop Farzad B gas field

Tehran, May 17, IRNA - Masoud Karbasian, CEO of National Iranian Oil Company, announced that the NIOC signed a deal worth 1.78 billion dollars with the Petropars Oilfield Services Company to develop Farzad B gas field in the South Pars/North Dome field.

On the occasion of the signing ceremony on Monday, Karbasian said that the contract is considered the final stage of developing joint gas fields with Qatar.

According to the official, the development project will be financed with money from bonds.

He went on to say that 17 phases of the South Pars Gas Field became operational within the previous eight years, noting that gas production from the gas field increased from 285 million cubic meters per day to more than 720 million cubic meters per day.

The deputy oil minister further noted that eight contracts have been signed to develop joint oil fields with Qatar, saying that two other contracts are going to be inked following approval by Iran's High Economic Coordination Council.

Karbasian added that the exploitation of oil fields increased 5.7 times in the last eight years, in particular in western Karun fields.

Petropars was established to develop energy resources of Iran and took responsibility for the development of the first phase of the South Pars Gas Field.

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