CEO: NIOC to Sign $14bn Deals in South Pars by Yearend

Date: 12 February 2024 - 21:50

News ID: ۱۲۴۵۷۴

TEHRAN – The National Iranian Oil Company (NIOC) managing director Mohsen Khojastehmehr has announced nearly $14 billion contracts for developing oil and gas fields will be signed and a project for boosting pressure in the South Pars (SP) gas field will start by the end of this winter. Speaking in a Channel 1 TV program on the 45th anniversary of the Islamic Revolution, Khojastehmehr added several private-sector contractors will help carry out the pressure-boosting project in the joint South Pars field.
According to the official, production from the South Pars field, which accounts for 70 percent of Iran’s gas output, has exceeded 700 million cubic meters per day (mcm/d).
“We are active in exploration, development, production, transmission, and export operations in almost all provinces of the country,” continued the CEO of NIOC.
He underlined a Maximum Efficient Rate (MER) strategy for the oil and gas industry is paid due attention in an effort to sustain production in the future.
NIOC is currently producing one billion cubic meters per day (bcm/d), mainly used by the household and commercial sectors and the rest by power plants and industries, Khojastehmehr explained.
Since the 13th administration took office in August 2021, the company has made every effort to increase production, pointed out the deputy oil minister, adding the country’s oil output has increased 60 percent under the incumbent administration, tripling crude oil and gas condensate exports when compared to the figures in the previous government.
He said the exploration operations have helped discover seven oil and gas reservoirs and add 2.5 billion barrels of crude oil equivalent to the country’s reserves.
Khojastehmehr also pointed to a $21 billion investment for completing partly-finished projects and implementing new oil projects.
He described the exploitation of SP Phase 11 as a great achievement, referring to the inauguration of Phase 14 as another success of domestic industry.