POGC managing director stresses need for investment in South Pars
Date
5/12/2024 5:03:17 AM
(MENAFN) Mohammadhosain Motejali, the Managing Director of Pars Oil and Gas Company (POGC), emphasized the critical role of the giant South Pars gas field, which currently provides 70 percent of Iran's domestic natural gas needs. Speaking at a specialized meeting focused on attracting investment and introducing new technologies for gas field development plans, Motejali underscored the importance of investing in the field's development to maintain its significant contribution to the country's energy security.
With the transition to the 13th administration and the Petroleum Ministry's initiative to accelerate project implementation, including the expansion of gas production capacity, Motejali highlighted the measures taken to reinforce energy security. Notably, the launch of production from Phase 11 of the South Pars gas field was highlighted as a significant milestone in this regard.
However, despite the progress in launching new phases and increasing gas production, Motejali pointed out a widening gap between production and consumption, leading to natural gas imbalances in certain seasons of the year.
Over the past 25 years, various approaches have been employed by the Petroleum Ministry and the National Iranian Oil Company (NIOC) to secure the necessary capital for developing the upstream sector of the South Pars gas field. Motejali revealed that approximately USD86 billion has been invested in the field's development, primarily through buyback and EPC contracts, along with newly signed agreements between NIOC and domestic investors and contractors.
Looking ahead, Motejali emphasized the importance of accelerating gas field development plans for various projects, including Kish, Farzad B, North Pars, Golshan, Ferdowsi, and Balal, as well as the second phase of oil layers within the South Pars gas field. Additionally, there is a need to focus on boosting pressure programs and attracting new investments while deploying innovative technologies.
Highlighting the challenges posed by the gradual decrease in reservoir pressure after two decades of gas production in the South Pars gas field, Motejali noted ongoing efforts to sustain gas withdrawal levels. These efforts include employing various methods such as acidizing wells and drilling new ones to ensure the continued viability of gas extraction from the field.
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