Iran advances South Pars oil, Farzad B gas projects

Offshore staff

TEHRAN, Iran — National Iranian Oil Co. has started operations on two new projects in the Persian Gulf, according to news service Shana.

Development of the South Pars Oil Layer (SPOL) and Farzad B field will help increase Iran’s oil and gas production.

Petropars Co. and Iranian Offshore Engineering and Construction Co. are jointly responsible for the $2 billion Farzad B joint gas field development.

The first platform jacket should be installed by mid-March 2024 with gas production starting within the next three years.

A consortium of Iranian and foreign companies is co-managing the $500 million SPOL development, which involves drilling 10 new wells and repairs to seven existing wells.

05.22.2023