Iran to Sign $17 Billion Deal for South Pars Gas Field Pressure Boost Project
Tehran, February 4, 2024 – In a major step to enhance productivity and optimize gas extraction from the world’s largest gas field, Reza Dehghan, Engineering and Development Director of the National Iranian Oil Company (NIOC), announced on Sunday, February 4, that Iran will soon sign a $17 billion executive agreement for the pressure enhancement project in the South Pars joint gas field.
This strategic project, led by the Ministry of Petroleum, aims to sustain and increase gas production from this critical gas field, significantly impacting Iran’s energy security.
Key Objectives of the Project:
Extending production longevity of the South Pars field
Preventing gas migration to preserve reservoir integrity
Meeting Iran’s growing domestic demand for gas and gasoline
Advanced Technology & Domestic Expertise
The pressure-boosting project will utilize cutting-edge technologies and rely on the expertise of Iranian firms. The main contractors—including leading domestic companies such as Petropars and MAPNA—bring extensive experience in similar projects, ensuring successful execution.
Spotlight on Iranian Turbo Compressors
A core component of the project is the use of domestically manufactured turbo compressors, particularly those produced by Turbo Compressor Nafte (OTC). These mission-critical systems, essential for maintaining high-pressure operations with long-term reliability, will be fully sourced from Iranian manufacturers.
Strategic & Economic Benefits:
✅ Reduced import dependency – Strengthening Iran’s self-sufficiency in oil & gas technology
✅ Boost to domestic R&D – Advancing Iran’s technical expertise in high-performance turbomachinery
✅ Job creation & industrial growth – Stimulating Iran’s oil and gas supply chain
This landmark project not only secures Iran’s energy future but also reinforces its industrial independence while driving economic growth in the energy sector.