Iran awards $20bn worth of natural gas contracts to domestic companies

Tehran, IRNA - The contract to increase the pressure of South Pars was signed with the presence of Iranian companies and contractors with an investment of $20 billion and more than $900 billion will be earned by the country with the implementation of this plan.

The contract to increase the pressure in the South Pars/North Dome Gas-Condensate field was signed by Petropars, Oil Industries' Engineering and Construction OIEC, Khatam-al Anbiya Construction Headquarters and MAPNA Group.

We are witnessing the biggest event in the history of the Islamic Republic in line with ensuring stable energy security, CEO of National Iranian Oil Company Mohsen Khojasteh said on Sunday.

We achieved this success with the help of Iranian contractors, he added.

South Pars in the Persian Gulf is divided into 7 hubs, he noted.

On August 28, 2023, Iran started gas production from Phase 11 of the South Pars Gas Field after a 22-year hiatus caused by what the authorities described as the failure of French energy giant, Total, and other foreign contractors to implement the project.