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Petroleum Minister: Farzad Be To Be Developed by Petropars

  Petroleum Minister: Farzad Be To Be Developed by Petropars

With USD 75 million financed utilizing the resources of the National Iranian Oil Company (NIOC), the contract for development of Farzad B was concluded with Petropars.

A report released by the Public Relations and International Affairs Department of Petropars Group reads, “In the sideline of the ceremony held for signing of the Letter of Understanding (LoU) for financing the Project for Development and Manufacture of Hybrid Automobiles, Engineer Zanganeh, the Petroleum Minister told reporters, “The Contract for Development of Phase 1 of Farzad B Field, which includes engineering, exploratory well and basic design, was duly approved and after its confirmation by the Board of Directors of the National Iranian Oil Company (NIOC), the Contract was signed and concluded with Petropars.”

The Petroleum Minister went on to add, “The Project for development of Farzad B will commence with an investment amount of USD 75 million utilizing the resources of the National Iranian Oil Company (NIOC). Subsequently, attempts will be made to acquire the approval of the Economy Council in conformity with Article 12 of the Law on Removal of Production Impediments, and to continue the Project within the Buyback or IPC scheme.” 

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Established in 1998, Petropars Ltd. (PPL) was founded in order to contribute towards the development of Iran’s vast energy resources PPL specializes as a developer of exploration exploitation and production in upstream projects... Read more