The project, which includes seven hubs, requires approximately $2.5 billion for each hub and will take 4 to 5 years to complete.

Speaking at a meeting of the Parliament’s Energy Committee on Sunday, Paknejad highlighted the Oil Ministry’s ongoing mid- and long-term plans to increase gas production.

He noted that some contracts related to boosting gas output are expected to be finalized before the end of the current Iranian year.

“The South Pars pressure boost project is more essential than daily bread for our executive operations,” Paknejad said.

“However, given the 4 to 5-year timeline for each hub, we cannot rely on this project to resolve the country’s energy imbalance in the short to medium term (within the next 2 to 3 years).”

The minister stressed that increasing gas production capacity is the top priority for addressing the energy imbalance.

He acknowledged delays in offshore gas production projects but assured that efforts are underway to resolve these issues.

Paknejad also mentioned an emergency plan to boost gas production in the Iranian Central Oil Fields Company, adding that contracts for the development of numerous gas fields across the country will soon be finalized.

He pointed to favorable legal frameworks for attracting investment to address the energy imbalance and praised the collaboration between the Oil Ministry and the Energy Ministry in managing the issue.

“Everything achievable so far in managing the energy imbalance has been accomplished through the efforts of these two ministries,” the minister said.