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Iran may issue tender for Farzad-B gas field

Oil&Gas Materials 21 December 2015 15:07 (UTC +04:00)

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Baku, Azerbaijan, Dec. 21

By Khalid Kazimov - Trend:

Iran may hold a new tender if it fails to reach an agreement with India on the development of the Farzad-B gas field, which is located in the offshore Farsi block in the Persian Gulf.

The gas field is estimated to hold 12.8 trillion cubic feet of gas reserves.

Tehran and New Delhi have held intensive talks over the past months on transferring the development of the Farzad-B gas field to India, but the two sides have not come to terms yet, IRNA news agency reported on December 21.

National Iranian Oil Company's managing director Roknoddin Javadi has said that a new international tender may be held if a final agreement is not reached with India.

India's ONGC Videsh Ltd (OVL), which is the overseas arm of the state-owned Oil and Natural Gas Corp, has offered a proposal worth $10 billion for development of the gas field.

Iran had asked Indian firms to submit a new development plan for the field which they discovered in 2008, winning the right to develop it.

Last year, Iran had to put the Farzad-B in the list of projects for tender. It is most likely that the gas field to be introduced to foreign investors in a conference which is scheduled to be held in February in London.

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