Iran Press/ Iran news: Speaking at a meeting between heads of the executive bodies' Civil Defense committees hosted by the Oil Ministry, Owji highlighted the release of $7 billion of Iran's gas condensate assets that South Korea had previously frozen due to U.S. sanctions.
He also mentioned that these condensates had been exported in the late 2010s.
Owji emphasized the importance of the oil industry as a major supplier of hard currency and 95 percent of the country's energy needs. He further noted that the Oil Ministry successfully provided 100 percent of the country's 2021 budget and 94 percent of its 2022 budget.
Owji attributed this achievement to the ministry being consistently targeted by enemies and subjected to sanctions.
When taking office, President Raisi's administration faced various challenges, including a gas imbalance of 250 mcm, storage offshore with 87 million barrels of gas condensates, and a budget deficit.
Owji recalled these difficulties as he discussed the administration's accomplishments.
“We have successfully exported a significant portion of gas condensates to new markets and utilized a portion of them in the country's refineries and petrochemical complexes," he explained.
Iran's current daily production of gas condensates is between 700,000 and 800,000 barrels, said the minister.
He added that any disruption in condensate exports could cause widespread disruption, as they had been reduced to 7,000 barrels per day during the previous administration.
Regarding the cyberattack on Iran's 4,400 gas stations in October 2021, Owji stated that the issue was resolved promptly, and the fuel system returned to normal.
The minister announced that Iran's crude oil production currently stands at 3.19 million barrels per day (bpd) and is expected to increase to 3.3 million bpd within 10 days. He also mentioned that Iran's oil exports set new monthly records.
"Last year, we completed semi-finished projects worth over $12 billion, including Phase 14 of the South Pars gas field and the second phase of Abadan Refinery. Additionally, several partly-finished projects worth $15 billion will become operational by mid-March 2024," continued the minister.
Referring to the transportation of the C12 platform to Phase 11 of the South Pars field, Owji stated that production in Phase 11 began on Friday (August 11) with a daily capacity of 10 to 12 mcm (million cubic meters). He added that production will increase to 50 mcm per day after drilling more wells.
The construction of new integrated refinery and petrochemical complexes in Iran, such as the Shahid Soleimani Refinery-Integrated Petrochemical Plant, is deemed necessary for passive defense, according to the minister.
He further explained that these plants will facilitate sustainable supply and exportation of oil products for Iran, making it easier than relying solely on crude oil.
Owji, the Iranian Minister of Petroleum, has described the pressure-boosting project in the South Pars gas field as "the most vital."
He further stated that the basic studies for the project are nearly complete and that domestic contractors and manufacturers will supply its platforms and turbo-compressors.
The minister also mentioned that domestic manufacturers are currently meeting 75 to 80 percent of the Iranian oil industry's needs.
Furthermore, Owji assured that the South Pars field will not indefinitely produce gas with its current pressure.
He predicted a pressure drop in the field's wells within the next three or four years and estimated that addressing this issue would require an investment of at least $20 billion.
205
Iran's oil production to stand at 2.3 million barrels: Oil Min.
