Iran, India to Jointly Develop Farzad B Offshore Field

Iran and India have held constructive talks on India’s partnership in the development of Farzad B gas field in the Persian Gulf, Iran’s Oil Minister Rostam Qasemi said, Press TV reported.

Qasemi pointed to fruitful talks between Iranian and Indian officials during his three-day visit to New Delhi and said both sides discussed India’s partnership in the development of Farzad B gas field.

He said that the details of negotiations will be announced by the joint team of experts of the two countries within three months.

The Farzad-B gas field has in-place reserves of up to 21.68 trillion cubic feet (Tcf), 12.8 Tcf of which may be recoverable.

The Iranian minister made the remarks on the sidelines of the 163rd ordinary session of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, on Friday.

Asked if Iran might offer its crude at a lower price to encourage purchasers, Qasemi said, “Iran sells its crude to customers based on the international price.”

Commenting on the effect of sanctions on Iran’s crude exports, he stressed that the country is selling its crude despite the imposed embargoes.