The state-run National Iranian Oil Company has announced Petropars will develop the country’s offshore Farzad B gas field, but is still happy to welcome foreign investors along with Iranian contractors.
Investments in oil and gas operations are essential to the development and expansion of the field. National Iranian Oil Company (NIOC) voiced the company’s keenness to welcome foreign investors in Iran’s oil and gas projects. After severe sanctions from the US against Iran’s oil and gas operations under the Trump administration, NIOC has faced several obstacles in developing and amplifying oil revenues.
Speaking to Shana, the Deputy NIOC CEO for Development and Engineering Affairs, Reza Dehghan, said Farzad “B” Field will be developed by the Iranian company Petropars, but the National Iranian Oil Company always welcomes the presence of foreign investors along with Iranian contractors.
“The negotiations with the Indian side for the development of this field took more than a decade and Iran tapped all its available capacities to complete these negotiations, but despite long and numerous rounds of talks and showing great flexibility on the part of the National Iranian Oil Company, the negotiations did not come to fruition,” said Dehghan.
He added: “Since procrastination in joint fields is not allowed, the National Iranian Oil Company decided to determine the fate of this field by handing it over to one of the Iranian exploration and production companies, and this was in line with the head of agreement (HOA) for developing the field that was signed last year with the Petropars Group.”
It said that NIOC would continue to welcome the presence of foreign investors in its projects, “and the Indian side can act as a partner of Petropars in this project if it seeks cooperation
