Talking to reporters on the sidelines of a cabinet weekly meeting, the minister pointed to the GECF Award for Long-Term Commitment to Natural Gas in 2024 given to Iran for doing unique research into flare gas collection and putting the research into practice on the sidelines of the 7th Gas Exporting Countries Forum Summit of Heads of State and Government in Algiers, the capital of Algeria, on Friday.

The average annual increase in Iran’s gas production in the recent years was two times the average rise in the global output in spite of brutal sanctions imposed on the country, said Owji, explaining Iran registered a 5 percent rise while the global increase stood at 2.5 percent.

Iran was selected as the host for the 26th Ministerial Meeting of the Gas Exporting Countries Forum in October 2024 in the Extraordinary Ministerial Meeting of the 7th GECF Summit, during which “we unveiled the format of our new gas contracts” and introduced Iran’s capabilities in upstream and downstream sectors of the oil and gas industry, he continued.

The development of Iran’s gas fields through attracting foreign investment was also discussed during the meeting, said Owji, adding the Oil Ministry has attracted the highest amount of foreign capitals in the current Iranian calendar year (starting March 21, 2023) when compared to other ministries.

Iran reached good agreements with the GECF member states on exports of technical and engineering services, sales of gas products, development of gas fields, and construction of gas pressure stations, transmission pipelines, and storage facilities.

President Seyyed Ebrahim Raeisi delivered an effective speech at the summit, as he announced Iran’s support for Palestine and its people in the war-hit Gaza Strip, introduced Iran’s gas projects, and called for participating countries to invest in Iran’s projects and use its gas technologies.

Mohamed Hamel, the Gas Exporting Countries Forum secretary general, elaborated on the Iranian president’s proposals for investment and said the suggestions will be put on the agenda, Owji mentioned.

Shifting to the official inauguration of Sepehr and Jofeir oil fields in southwestern Iran, the minister said the ceremony will be held in the presence of the president in the near future, concluding that the two fields add 50,000 barrels to the country’s daily output.