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GS-II : International Relations Iran

18 May, 2021
3 Min Read

Iran to develop Farzad B gas field domestically

Iran to develop the Farzad B gas field domestically

Iran on Monday gave the Farzad B gas field to Petropars, a domestic gas producer.
This is a setback for India’s energy ties with Iran as ONGC Videsh Ltd (OVL) discovered the gas field in 2000 and has been part of the ongoing cooperation on that front.
The Ministry of External Affairs has not yet commented on the development but OVL had discovered the Farzad B gas field in the Farsi region, which is located between the Iranian and Saudi territories.
Monday’s deal in Iran comes despite India’s long-standing cooperation regarding the gas field and is indicative of the impact of the U.S. sanctions on India-Iran energy cooperation, which had been drastically reduced during the Donald Trump administration in the U.S.
Last year, Mr Zanganeh had indicated that foreign talks on the Farzad B block had become difficult because of the sanctions. Monday’s deal will pave the way for daily production of 28 million cum of gas over five years, reported Shana.

Source: TH

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Iran to develop Farzad B gas field domestically

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