Indian Officials to Visit Iran to Finalise Farzad Gas Field Plan

A delegation comprising officials from major Indian energy firms will visit Tehran this week to finalise talks over investment in Farzad B gas field, according to Iran’s Mehr News Agency.

Officials visiting Iran are from ONGC, Oil India and Indian Oil Corporation.  Ali Akbar Shabanpour, Director General of Pars Oil & Gas Company, confirmed the upcoming visit and said negotiations will yield results by September.

“At the moment, technical and field negotiations on Farzad B is underway between Pars Oil & Gas Company and ONGC, and National Petroleum Investment Company is following up on the project’s economic aspects,” he added.

The field, with estimated reserves of 12.8 trillion cubic feet of gas, has been left undeveloped due to international anti-Iran sanctions that have gradually begun to be lifted this year.

Farzad-B that was discovered by ONGC Videsh in 2008. The block was discovered by a consortium of state owned companies, ONGC Videsh (OVL), Oil India and Indian Oil Corp six years ago. The consortium did not move forward with the project after sanctions were imposed on Iran. With most sanctions now gone, New Delhi is looking to increase engagement with Iran for the development of Farzad-B gas field in the Persian Gulf. India has expressed delight at Iran’s decision to keep Farzad - B field outside the auction basket.