SP pressure-boosting project contracts expose sanctions failure to prevent oil industry progress: MP

SHANA (Tehran) – The contracts signed between the Iranian companies to boost pressure in the joint South Pars (SP) gas field showed that sanctions have failed to prevent Iran’s oil and gas industry from making progress, said a member of the Parliament on Tuesday.

Talking to SHANA, Hadi Beiginejad praised the Oil Ministry for making maximum use of domestic expertise to develop the oil and gas industry.

The MP added the project will also help the country redress the gas imbalance and create job opportunities.

Beiginejad, who is a member of the Parliament’s Energy Committee, said such an important project should have been carried out sooner, explaining any delay has a severe impact on the supply of gas and gas condensates.

The oil and gas sector has registered a high rate of economic growth since the current Iranian calendar year (starting March 21, 2023), mentioned the lawmaker, expressing hope the unprecedented growth will continue in the coming year.

On Sunday, Pars Oil and Gas Company (POGC) and several Iranian companies signed contracts to implement 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.

News ID 639075


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