Iran's Oil Minister stresses importance of "pressure boosting" in the South Pars gas field
Date
11/26/2024 3:37:14 AM
(MENAFN) Iran's Oil Minister has emphasized the importance of "pressure boosting" in the South Pars gas field, identifying it as one of the National Iranian Oil Company's (NIOC) highest priorities. Minister Mohsen Paknejad made this announcement on Saturday, pledging significant progress in the project by the end of the current Iranian calendar year, which concludes in late March 2025.
"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," Paknejad stated. The South Pars gas reservoir, a critical energy source for Iran, has been facing pressure declines, which have raised serious concerns within the energy sector. Experts have repeatedly warned about the potential consequences, with the Iranian Parliament’s Research Center highlighting the deteriorating gas balance in the country.
A recent report from the center projected that by 2041, Iran's daily gas production could fall to 898.7 million cubic meters, significantly below the anticipated demand of 1,410.8 million cubic meters. This shortfall of 512 million cubic meters per day could create severe difficulties in meeting the country's energy needs, especially during the winter months when demand for gas spikes.
Minister Paknejad acknowledged the gravity of the situation, stating, "The declining pressure in South Pars is a pressing concern for both the oil industry and the country at large," and called for immediate action to address the issue. The South Pars gas field, located in the Persian Gulf and shared with Qatar, is divided into 24 standard phases of development. Most of these phases are currently operational, with efforts to increase pressure being central to maintaining the field’s output.
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