The announcement comes amidst a larger plan involving 182
projects, valued at a staggering $76 billion, aimed at bolstering both upstream
and downstream oil production capacities.
Addressing the pivotal role of this investment in the
petrochemical sector, Owji highlighted the creation of 15 million tons of
nominal capacity and 5 million tons of operational capacity. This development
underscores Iran's commitment to expanding its footprint in the petrochemical domain.
During President Raisi's visit to the Ministry of Petroleum,
part of his ongoing oversight of the country's executive apparatus, Owji
expressed gratitude for the unprecedented support extended to the oil industry
by the current administration. He lauded the ministry's efforts during the
two-year tenure under the people-centric government, acknowledging the
collective dedication of all involved in the nation's oil sector.
The petroleum minister emphasized that key priorities for
the 13th Administration were meticulously planned, with paramount
focus placed on investments in pivotal projects. These investments have been
strategically allocated across various areas including production maintenance,
oil and gas growth, enhanced production from shared fields, gas collection,
natural gas storage, new oil and gas field exploration, refinery capacity
increases, product quality improvements, petrochemical product capacity
expansions, and gas processing enhancements in gas refineries.
Owji elaborated on the successful completion and initiation
of 132 projects, predominantly comprising upstream and downstream oil
initiatives, which have contributed an estimated value of $28.5 billion.
Emphasis was placed on selecting projects that would significantly impact oil
and gas production growth.
Additionally, the ministry has outlined plans for 50 new
projects valued at $47.5 billion, summing up the total investment in the oil
industry to $76 billion across 182 projects aimed at augmenting production
capacities both upstream and downstream.
Highlighting the imperative of investment for realizing
production growth, Owji emphasized that each of these initiatives falls under
the purview of the four primary companies within the Ministry of Petroleum.
Ongoing efforts to accelerate the development of
long-delayed projects, particularly those stalled for 14 years like the South Pars
Phase 14 refinery construction, have gained momentum in the 13th Administration.
This surge in development signifies a crucial advancement in Iran's oil sector.
Wrapping up, Owji noted the resolution of several
long-pending semi-completed projects, many of which have now become
operational. Notably, in the South Pars joint field, which accounts for 70% of
the country's gas supply, Phase 11 operations have seen substantial progress,
with nearly 100% completion achieved under the current administration.
In addition to South Pars, other shared fields such as
Azadegan and Yaran have witnessed proactive initiatives, solidifying Iran's
commitment to boosting gas production. Moreover, standalone gas field
developments including Tous, Day, Aghar, Homa, Varavi, Kish, and others are
well underway in the country.