(MENAFN) "We are diligently advancing preliminary studies for the South Pars pressure boosting project, and I expect to announce promising updates regarding the finalization of certain contracts before the year's end," Minister Mohsen Paknejad stated on Saturday.

The South Pars gas reservoir, a critical energy source for Iran, is facing pressure declines, raising alarms over the energy field. Specialists have continually alerted regarding the possible penalties, with the Parliament’s Research Center emphasizing the deteriorating gas balance in the nation.

In a new report, the center expected that by 2041, daily gas manufacturing in Iran might arrive 898.7 million cubic meters, significantly dropping short of the projected need of 1,410.8 million cubic meters. This shortfall of 512 million cubic meters a day might lead to many challenges in fulfilling energy requirements, specifically throughout the winter months.

"The declining pressure in South Pars is a pressing concern for both the oil industry and the country at large,” the oil minister stated, calling for urgent action to be considered to resolve this problem.

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