The National Iranian Oil Company (NIOC) is poised to sign seven contracts for its South Pars (SP) pressure boost project, valued at $17 billion, according to Reza Dehqan, the company’s Engineering and Development Manager.
This follows the completion of preliminary studies and the signing of initial agreements with four major contractors last year, totaling up to $400 million.
Dehqan emphasized the critical importance of addressing the pressure drop at South Pars, warning that delays could pose significant risks to Iran’s energy security and its economy.
The South Pars gas fields play a crucial role in Iran’s energy landscape, supplying 70% of the country’s domestic gas needs, including for industrial and power plant consumption. The field also contributes to 40% of Iran’s gasoline requirements.