Iran to Award $1.8 Billion Gas Field Contract to Local Company
May 16 2021, 9:04 PM
May 16 2021, 8:49 PM
May 16 2021, 9:04 PM
(Bloomberg)
(Bloomberg)
Iranâs Petropars Ltd. will be awarded a $1.78 billion contract by the National Iranian Oil Co. to develop the giant Farzad-B gas field that was previously intended to be tapped by a group of Indian companies.
Petropars will produce 28 million cubic meters of gas a day from the offshore deposit within five years, according to the agreement, the Iranian oil ministryâs official Shana news service reported, with the contract to be signed on Monday. Farzad-B is estimated to hold reserves of around 500 billion cubic meters.
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Novatek Secures Buyers for All Arctic LNG 2 Volumes
PAO Novatek, Russia’s largest independent natural gas producer, has contracted all of the supply from its proposed Arctic LNG 2 export project under development north of Siberia on the Gydan Peninsula.
The company said it has signed 20-year sales and purchase agreements (SPA) with the project’s participants for its 19.8 million metric tons/year capacity. Arctic LNG 2 includes three trains that are slated to come online between 2023 and 2026. Novatek holds a 60% stake, while China National Offshore Oil Corp., China National Petroleum Corp, Japan Arctic LNG and Total SE each hold 10%.
The SPAs provide for LNG supplies on a free-on-board basis and include pricing formulas linked to unspecified international oil and gas benchmarks.