Speaking in a specialized meeting of the POGC on attracting investment and providing commodities and new technologies for gas field development plans he said: concurrent with 13th administration’s taking office, when the Petroleum Ministry took the initiative to accelerate implementation of uncompleted projects, among them raising gas production capacity, some effective measures was taken to reinforce energy security including launching production from the giant South Pars gas field phase 11.

He continued: Despite launching new phases and rising gas production, the gap between gas production and consumption has been widening increasingly, surfacing natural gas imbalances in some seasons of the year.

Over the past 25 years, the Petroleum Ministry and the National Iranian Oil Company (NIOC) have deployed various approaches to meet the necessary capital for developing upstream sector of the South Pars gas field, he said, noting up to now as much as 86 billion dollars have been invested in developing the giant gas field mainly through singing buyback and EPC contracts plus newly signed contracts between NIOC and domestic investors and contractors.

Elsewhere in his remarks, he said: In addition to accelerating gas field development plans of Kish, Farzad B, North Pars, Golshan, Ferdowsi, Balal, the second phase of oil layers of the South Pars gas field as well as its boosting pressure programs; it is necessary to attract new investments as well as deploying new technologies.

 POGC’s managing director said two decades after starting withdrawing gas from the South Pars gas field, there are signs of gradual decrease of pressure from reservoirs, adding efforts are underway to sustain the level of gas withdrawal by using different methods including acidizing wells and drilling new wells. 

Past years mechanisms of allocating part of oil revenues to development of upstream sector projects should be reinforced while at the same time new approaches are needed to be deployed for implementation of these huge projects, Motejali said.

“POGC, with production of more than 700 million cubic meters of gas per day, carries alone the burden of meeting 70% of the country's needs, an issue that underlines the importance of taking into consideration sustainability and maintaining the amount of gas withdrawal from South Pars gas field more than before.” POGC’s CEO concluded.

  The 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, known as Iran’s Oil Show 2024, started its third day of activity today, 10 April.

 More than 1750 oil industry related companies, including 250 foreign companies from Russia, China, Germany, France, Japan, Belarus, India, Canada, Italy, Turkey, Austria and Argentina have participated in this year’s event which is the largest oil industry show in Iran and one of the most important ones in the region.

The 4-day exhibition wraps up on Saturday.