Tasnim – The CEO of the National Iranian Oil Company (NIOC) said the talks with the Indian side on the development of Farzad B gas field in the Persian Gulf waters are in progress.

Speaking to the Tasnim News Agency, Massoud Karbasian said the development of the Farzad B offshore gas field has been the NIOC’s priority.

The negotiations with the Indians are in progress, the top official went on to say.

While Saudi Arabia has produced gas from the Farzad B, Iran has yet to begin practical measures to develop this joint field.

Indian companies have been in talks with Tehran since 2009 for developing the Farzad B gas field, estimated to hold 21.68 trillion cubic feet (tcf) of gas in place, of which 12.8 tcf is recoverable.

Iranian Oil Minister Bijan Namdar Zanganeh recently said Iran is on pace to boost gas production to 1 billion cubic meters a day by March, roughly the same time that all South Pars phases are planned to be up and running.