South Pars gas field pressure-boosting project to generate $900b in revenue: NIOC CEO

SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director said on Sunday the implementation of the pressure-boosting project in the joint South Pars (SP) gas field in the Persian Gulf will generate $900 billion in revenue.

Speaking during the signing ceremony of contracts for the strategic project, Mohsen Khojastehmehr added the project worth $20 billion will help extract 90 trillion cubic feet of gas and two billion barrels of gas condensates more from the giant field.

According to the deputy oil minister, 38 platforms consisting of production and logistics platforms are operating in the South Pars gas field and 14 pressure-boosting platforms will be used for carrying out the project.

Pars Oil and Gas Company (POGC) and several Iranian companies – Petropars, Oil Industries Engineering and Construction (OIEC), Khatam al-Anbiya Construction Headquarters, MAPNA Group, and a consulting company – signed the contracts in the presence of Oil Minister Javad Owji and Khojastehmehr.

The world's biggest gas field is shared between Iran, which calls its share South Pars, and Qatar, which calls it North Field, also known as North Dome.

News ID 638977


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