India ready to invest 20 billion USD in offshore field Farzad-B

Farzad-B oil fieldIndia ready to invest 20 billion USD in development of industrial infrastructure at Farzad-B offshore field in Persian Gulf. During the weekend, the India’s Minister of Petroleum and Natural Gas was on a meeting in Tehran with Iranian Minister of Petroleum Bijan Namdar Zangeneh, where were discussed the further investment of offshore gas field, port infrastructure and trade opportunities between the two countries. India will invest 20 billion USD in development of industrial infrastructure at port of Chabahar, as well as development of offshore gas field Farzad-B and project for Iran-Pakistan-India gas pipeline, which will ensure growth of the oil and gas supplies from Iran.

“India is ready to invest 20 billion USD in the energy sector and other industrial areas in port of Chabahar in the southeast of Iran”, said Indian Minister of Petroleum and Natural Gas, Dharmendra Pradhan. “Iran’s relations with India in the energy sector will no longer be limited to crude oil imports from the Islamic Republic”, added he.

Iran and India agreed on the schedule of the project Farzad-B, which previously was abandoned under US sanction. India also agreed the project of the Iran-Pakistan-India gas pipeline, which, if implemented, would ensure the supply of Iranian natural gas to India in the amount of 11.3 billion cub m per year.

Farzad-B is Iranian natural gas field, which was discovered in 2012 and started production in 2013, producing produces natural gas and condensates. The total in place reserves of the Farzad-B gas field are around 615 billion cub m, of which around 60% is recoverable and production is slated to be around 30 million cub m per day.