Farzad B gas field is located in the Farsi bloc on the border between Iran and Saudi Arabia. Credit: National Iranian Oil Company (NIOC).

Iran’s Petropars Group has secured a $1.78bn contract to develop the Farzad B gas field in the Persian Gulf.

Pars Oil and Gas Company, on behalf of the National Iranian Oil Company (NIOC), awarded the contract to Petropars.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Through this contract, the oil company aims to produce 28 million cubic meters of sour gas per day over five years.

Under the contract, Petropars will be responsible for drilling of eight production wells, construction, and installation of two main and secondary wellhead platforms, reported Iranian news service Shana.

The firm will also build liquid separation facilities on the main platform.

The contract also includes the construction of a 230km-long offshore pipeline to transfer sour fluid to onshore facilities, as well as a 230km offshore pipeline to transport condensate.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The onshore facilities of Pars 2 Region in Kangan will be used to process gas produced by the Farzad B field.

According to estimates, the field holds 23 trillion cubic feet of in-place gas reserves and gas condensates of 5,000 barrels per billion cubic feet of gas.

ONGC Videsh (OVL), the overseas investment arm of India’s Oil and Natural Gas Corp (ONGC), discovered the gas field in 2008.

Later, a consortium of OVL, Indian Oil Corporation (IOC) and Oil India (OIL) offered to develop the field with an investment of up to $11bn.

However, talks over the field development between the consortium and Iran ended following the US sanctions in 2018.

The field is located in the Farsi bloc on the border between Iran and Saudi Arabia.