TEHRAN Iran signed a $17 billion contract on Saturday to execute a pressure-boosting job at the South Pars gas field, with President Masoud Pezeshkian and senior oil market authorities in attendance.The arrangement was signed between the National Iranian Oil Company (NIOC) and domestic companies Petropars, Khatam al-Anbiya Construction Headquarters, Oil Industries Engineering and Construction (OIEC), and MAPNA Group.The project aims to compensate for pressure declines, keep maximum gas production, reduce imbalances in gas and gasoline supply, and prevent gas migration to Qatar from the shared field.
With the signing of these contracts, the project has actually formally entered its operational phase.The $17 billion job is anticipated to improve Irans energy security and develop 17,000 direct and 50,000 indirect jobs.According to the job strategy, the South Pars field will be divided into seven pressure-boosting hubs, each needing the construction of around 60,000 tons of structures.
In overall, 420,000 tons of facilities will be constructed, with 70 percent of the required materials sourced domestically.With this arrangement, Irans oil and gas sector gets in a new stage of sustainable advancement on the planets biggest gas field, making sure long-term energy security and supporting financial growth.Oil Minister Mohsen Paknejad, speaking at the finalizing ceremony, highlighted the strategic significance of the job.
He noted that after 7 months under the new administration, Iran has taken a significant step towards recognizing its long-standing goal of carrying out a pressure-boosting system at the South Pars field.He included that, under Irans Seventh Development Plan, the country intends to increase raw gas production to 1.34 billion cubic meters daily by the end of the program.
Attaining this target needs both the advancement of new gas fields and upkeep tasks to prevent production decline.Experts estimate that reaching this production objective will require an overall financial investment of $75 billion.
Of this, $53 billion will be designated for brand-new gas field advancements, while $22 billion will be dedicated to maintaining production capacity, including the South Pars pressure-boosting project.Paknejad stressed that to reach the 1.34 billion cubic meters per day target within the next four years, Iran will need to invest around $19 billion each year.
Securing this financial investment will need exact planning and the ideal use of monetary and financial resources.EF/