Indian company to develop Iran’s Farsi field
Posted: 03 March 2008
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India’s Oil National Gas Company (ONGC) is set to develop Iran’s Farsi field as Iran Offshore Company is finalising a financial proposal for developing the offshore gas and oilfield, Iran’s oil and gas ministry website reported.
The contract for the development of the Farsi field will be finalised within the next months according to Mahmood Zirakchianzadeh, Managing Director, Iran Offshore Company.
“The feasibility and financial studies for said field were approved and finalised by India through the ONGC Co. yesterday. The development of the field will be carried out in two phases,” Zirakchianzadeh was quoted by the ministry’s news agency Shana as saying.
He also announced finalization of technical and financial aspects of the Lavan field by a Polish company and the start of work on this development within the next two months. The contract is to be signed in April.
“There are now special logistic support requirements including the workforce factor,” he continued.
“The number of productive fields in the area is now 500 and there is water injection into 100 of the wells. 17 are in the production stage and 8 have production capacity of 1,240,000 barrels per day. Next year will see greater growth of this.”
ONGC’s overseas exploration arm ONGC Videsh already operates the Farsi Block, together with Indian Oil Corporation and Oil India, under an existing exploration deal. It has struck oil on the play in 2006.
ONGC and Hinduja Group are also looking at joining the development of Iran's South Pars Phase 12 gas field and the country’s Azadegan oilfield. |
