NIOC Signs $1.17B Contracts for Drilling Wells in South Pars Gas Field

NIOC Signs $1.17B Contracts for Drilling Wells in South Pars Gas Field

The National Iranian Oil Company (NIOC) has signed four contracts with local firms, totaling $1.17 billion, for the drilling of 35 wells in the South Pars Gas Field. The contract is part of an initiative to enhance productivity and ensure the sustainable production of gas in the field.

The contracts were supervised by the Pars Oil and Gas Company and expected to be completed within three years.

The South Pars Gas Field, located in the Persian Gulf, is one of the largest gas fields in the world and is shared between Iran and Qatar. This megaproject will not only contribute to the development of Iran’s gas industry and economy but also create job opportunities and promote domestic capabilities, the Deputy Oil Minister noted.

Iran’s gas production capacity in the South Pars field is expected to exceed 730 million cubic meters per day (mcm/d) in the upcoming winter. This significant increase in output will be achieved through putting several wells in Phase 11 and Platform 13A, as well as a new pipeline in Phase 16, into operation, said POGC head Mohamed Hossein.

Notably, the South Pars gas field holds 50% of Iran’s gas reserves and accounts for 70% of the country’s gas supply.


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