For an industry in trouble, the offshore oil and gas industry is doing pretty well. This is especially in terms of discoveries and final investment decisions.

So far this year, 21 new offshore projects have received a final investment decision. This is according to Westwood Global Energy Group. At the same time, there are a number of discoveries, tapping billions in new oil reserves. The Middle East and Latin America are the leaders in final investment decisions. The tune of a $20 billion, Offshore magazine reports, citing Westwood analyst Joe Killen.

In the Middle East, one of the highlights is the Farzad B natural gas field offshore Iran. Initially discovered by Indian state major ONGC Videsh, the field will now be developed by Iranian Petropars as U.S. sanctions made international participation in Iran’s oil and gas industry problematic.

Farzad B is estimated to hold some 22 trillion cubic feet of natural gas, with 16 trillion cubic feet of recoverable gas. It should produce about 1 billion cubic feet daily five years from now, according to the developer. The contract Iran’s government has signed with Petropars for Farzad B is worth $1.78 billion.

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Source: Oil Price

Image Credit: Wikipedia Commons

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