Copy in clipboard...
Historic $20b deal signed for SP gas pressure-boosting project
On Sunday, in the ceremony for signing the implementation contracts of the South Pars project with Iranian contractors, Javad Owji said, “Most of the country’s gas reserves are located in South Pars, and the feedstock for refineries, petrochemicals, and even the country’s gasoline production relies on South Pars.”
The minister mentioned that the average gas production from South Pars is equivalent to 707 million cubic meters, signifying a pressure decline, IRNA reported.
“Fortunately, before the pressure decline in the gas reservoirs occurred, we addressed it, leading to an increase in extraction capacity to 90 trillion cubic feet (TCF), resulting in a $900 billion revenue for the country,” Owji added.
Stating that the development of Azadegan oil field is also on the agenda, he said the project will be launched with the presence of President Ebrahim Raisi.
Owji added that the ministry will prioritize border phases in this project.
The oil minister also declared an increase in fuel reserves to one billion liters, and gas reserves to three billion cubic meters this Iranian year (which began on March 21, 2023).
With the implementation of the gas pressure-boosting project in the SP Gas Field, Iran will earn more than $900 billion in revenues. The chief executive of the National Iranian Oil Company (NIOC) Mohsen Khojastehmehr said that the project is an important one in ensuring sustainable energy security.
The deputy oil minister said that pressure boosting plays an important role in producing gas and gas condensates.
Several private-sector contractors will help carry out the gas pressure-boosting project in the joint South Pars field, he added.