Iran and India plans to seal the deal for developing an Offshore Farzad B Field by October, 2016

Iran:  Iran has assured India that the latter would be granted the license to develop the offshore Farzad B gas field in the Persian Gulf. An Indian consortium that includes companies like ONGC Videsh ltd, Oil India Ltd and Indian Oil Corporation Ltd had discovered 12.8 trillion cubic feet (Tcf) of gas reserves in the Farsi block in 2008. According to the Iranian Petroleum Minister Bijan Zangeneh, Farzad B field can produce 3 billion cubic feet per day (Bcf/d) of natural gas. However, Iran signed a Memorandum of Understanding (MoU) to produce only 1 Bcf/d of gas from the Farzad B field.

TechSci Research depicts that Indian oil and gas firms are returning to invest in the Iranian petroleum sector following the lifting of international sanctions imposed on Teheran's nuclear program earlier this year. Increasing upstream, midstream and downstream applications, are some of the major factors expected to boost the natural gas compressors demand in Iran during 2016-2021. In the recent years, majority of the upstream and midstream companies are inclining towards dynamic compressors due to their higher efficiency and low maintenance compared to positive displacement compressors.      

According to TechSci Research report, “Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global natural gas compressors market is anticipated to cross USD 5.5 billion by 2021. backed by growing consumption of natural gas, the demand for natural gas compressors is anticipated to grow at a robust pace over the next five years. Moreover, increasing upstream, midstream and downstream applications, expanding city gas distribution and replacement of aging compressors are some of the other major factors expected to boost the global natural gas compressors market during 2016-2021.