"The last technical and operational issues have been finalized... for the development of the Farzad B gas field... with a consortium including three Indian companies," managing director of National Iranian Offshore Oil Fields, Mahmoud Zirakchian Zadeh, was quoted as saying.
He put the value of the project at around $5 billion and said the deal would possibly be signed by the end of the last Iranian month of the calendar year, March 20, 2011.
"Legal and contractual talks for development of oil and gas fields is a time consuming process and the finalization of the development of the Farzad B field with the Indian side is not an exception," he added.
According to Mehr, India's OVL, ONGC and IOC are involved in the talks.
The gas field would produce 1.1 Bcf of natural gas (31.15 million cubic meters) on a daily basis, Zirakchian Zadeh said earlier adding that the Indian companies had proposed to process the produced gas into LNG for exports to India.
The Farzad B field is part of the Farsi gas block in the Gulf waters. The Farsi block discovered in 2008 holds 508 Bcm of gas and 212 million barrels of condensates and is expected to also hold considerable oil reserves.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
