Petroleum Minister:

South Pars Phase 11 to Boost Iran‘s Revenue

Date: 30 June 2023 - 22:11

News ID: ۱۱۶۶۴۹

TEHRAN – Iran’s Petroleum Minister Javad Owji has said that the South Pars phase 11 will generate $5 billion annually for the Islamic Republic of Iran.
Javad Owji made the remarks at the ceremony held on the occasion of the installation operation of the South Pars phase 11 platform.
Pointing to a 22-year delay in the development of this phase, the minister added its output will help reduce the gap between production and consumption of gas in the country, the oil ministry’s news service SHANA reported.
The installation operation of SP Phase 11 platform was carried out by National Iranian Oil Company (NIOC), Pars Oil and Gas Company (POGC), Petropars Company, and Iranian Offshore Engineering and Construction Company (IOEC), he mentioned.
Based on the contract, French company Total was to get some $4.9 billion to develop Phase 11, recalled Owji, adding the company withdrew and missed the opportunity, as the project was implemented amid sanctions by Iranian experts.
President Seyyed Ebrahim Raisi will inaugurate the SP Phase development project soon, said Owji, adding gas production from Phase 11 will be up to 15 million cubic meters per day (mcm/d) in the first stage and will gradually reach 50 mcm/d.
Phase 11 was the only undeveloped part of South Pars joint field and the other side [Qatar] kept extracting gas during the delay in implementing the development project in Iran, he regretted.
Owji said his ministry has carried out prioritized projects, including inauguration of Abadan Refinery Phase 2, inauguration of Phase 14 refinery, inauguration of the first phase of NGL 3200 plant in Hoveyzeh, and installation of Phase 11 platform.

‘$7.5b Capital Attracted in Iran Oil, Gas Sector’

Iran’s deputy foreign minister for economic diplomacy said the country’s oil and gas sector has attracted $7.5 billion since two years ago.
Mehdi Safari made the remarks in a conference on economic security held in Tehran on Wednesday and added that export is one the main factors for earning hard currencies, and “we have to boost sustainable export”.
The incumbent administration has tried to change the route of transit, he said.
“During the president’s visit to China, the two sides agreed on the issue and the route for transiting Iranian products to China changed,” he added, SHANA reported.
Touching upon the current administration’s policy on prioritizing relations with neighboring countries, Safari added the government is also developing ties with China, Russia, India, and African and Latin American states with the aim of booming export in the sustainable markets.