The agreements, signed under the directive of President Masoud
Pezeshkian, involve domestic and international companies and aim to utilize private
sector capacity and technology transfer to advance sustainable development in
Iran’s oil industry, the National Iranian Oil Company (NIOC) said in a
statement.
Under the contracts, about 295 million cubic feet per day (mcf/d) of
flare gas from the Rag Sefid 1 and 2, Golkhari 3, Bibi Hakimeh 1 and 2,
Bangestan-Kupal, Ahvaz 1, 3, and 4, Lali, Nargesi, Haft Shahidan, and Zeelay
fields will be recovered.
According to NIOC estimates, the projects — representing a total
investment of around $800 million over a maximum of two years — will eliminate
32 gas flares, preventing the loss of 295 mcf of gas per day.
Once operational, the projects are expected to generate about $550
million in annual revenue, produce 800,000 tons of gas condensates per year to
boost petrochemical feedstock supply, and inject 200 mcf/d of light gas into
the national network — helping to strengthen Iran’s energy security,
particularly during the winter months.
Officials described the initiative as a model for effective
collaboration between the Iranian private sector and foreign partners in
advancing environmental goals and enhancing efficiency in the country’s
upstream oil sector.