Talking to SHANA, Seyyed Mousa Mousavi said the contracts also showed that the Oil Ministry has realized domestic companies and contractors’ capacities and is using their capabilities to develop the oil and gas industry.

Given the previous exploitation, the South Pars field will face a drop in pressure in the coming years, mentioned the lawmaker, adding the national megaproject will prevent pressure depletion and will also help the country redress the energy imbalance.

Mousavi, who is a member of the Parliament’s Energy Committee, said, “Unfortunately, domestic companies were not trusted for such projects in the past and we pinned our hopes on foreign companies such as France’s Total, which produced no results.”

The new contracts with Iranian companies indicated that the country will never wait for foreigners although it welcomes foreign investment, he underlined.

On Sunday, Pars Oil and Gas Company (POGC) and several Iranian companies signed contracts to carry out a pressure-boosting project in the South Pars gas field in the Persian Gulf.

The contracts for the most strategic plan were inked in the presence of Oil Minister Javad Owji and National Iranian Oil Company (NIOC) Managing Director Mohsen Khojastehmehr in Tehran.

Based on the contracts, $20 billion will be invested in the project to extract 90 trillion cubic feet of gas and two billion barrels of gas condensates, which will generate $900 billion in revenue.

Petropars, Oil Industries Engineering and Construction (OIEC), Khatam al-Anbiya Construction Headquarters, MAPNA Group, and a consulting company are the Iranian contractors of the megaproject.

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.