National Iranian Oil Company (NIOC) is set to sign seven contracts for the South Pars (SP) pressure boost project valued at $17 billion, said the company’s Engineering and Development Manager, Reza Dehqa.

This follows the completion of preliminary studies and the signing of initial agreements with four main contractors last year, worth up to $400 million, Dehqan added.

Dehghan warned that without timely intervention, this pressure drop could have serious implications for Iran’s energy security and economy.

Notably, South Pars gas fields supply 70% of the country’s domestic gas needs in addition to industrial, and power plant gas consumption. The field also covers 40% of the Iran’s gasoline needs.