Emphasizing that the upstream sector of the oil industry has the task of generating income, the deputy petroleum minister added that Iran earned a sum of $35 billion of petrodollars from the exports of oil and gas condensates last [Iranian] year.
Investment for
boosting pressure
The pressure boosting project, which started last Iranian year, requires an investment of $20 billion as its implementation will fetch $900 billion in income and 90 trillion cubic feet of gas for the country, Khojasteh-Mehr said.
Eligible companies that we have chosen for the project should work in the field of geophysical and geotechnical studies, turbo-compressor manufacturing, and pressure boosting platforms.
The official noted that a few days ago, his company signed a contract with petrochemical companies for 20 gas tanks worth $7 billion, explaining that the NIOC cooperates with petrochemical complexes and refineries, and supports them in providing feed and export issues.
Inauguration of 30 projects
This year, 30 projects worth $8 billion will be operational, and the operation of 19 projects worth $11.5 billion will also begin by March 20, 2025, the official announced.
Last year, the NIOC signed a $13-billion contract for the development of oilfields, of which$ 12.5 billion pertained to two joint fields, Khojasteh-Mehr stated, adding that Iran has 400 oil and gas reservoirs, as the country’s total oil and gas reserves are equivalent to 340 billion barrels of crude oil.
A total of 700 low-yielding wells have been handed over to new technology-based firms (NTBFs) and technological companies because the private sector can help the entire upstream chain of the oil industry.