{"id":7005,"date":"2023-08-14T13:56:32","date_gmt":"2023-08-14T13:56:32","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7005"},"modified":"2023-08-14T13:56:32","modified_gmt":"2023-08-14T13:56:32","slug":"owji-not-a-cent-of-incumbent-governments-oil-revenues-blocked","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7005\/","title":{"rendered":"Owji: Not a cent of incumbent government\u2019s oil revenues blocked"},"content":{"rendered":"
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Roydad Naft News Agency \u2013 Iran\u2019s Oil Minister Javad Owji on Sunday said not a single cent of revenues earned from oil and gas condensate exports has been blocked since the 13th (incumbent) administration took over.<\/p>\n\n\n\n

The minister, who made the remarks in a meeting between heads of the executive bodies\u2019 passive defense committees hosted by the Oil Ministry, pointed to the release of $7 billion of Iran\u2019s gas condensate assets South Korea had frozen due to U.S. sanctions and added the condensates had been exported in late 2010s.<\/p>\n\n\n\n

The important oil industry supplies hard currency and 95 percent of energy needed by the country, he mentioned.<\/p>\n\n\n\n

The Oil Ministry managed to supply 100 percent of the country\u2019s 2021 budget and 94 percent of its 2022 budget, recalled Owji, adding that is why the ministry has been always targeted by the enemies and their sanctions.<\/p>\n\n\n\n

Challenges<\/strong><\/p>\n\n\n\n

The 13th administration was faced with different challenges, including a 250 mcm gas imbalance, 87 million barrels of gas condensates in storage offshore, and budget deficit, when it took office, recalled Owji.<\/p>\n\n\n\n

\u201cWe have managed to export a major portion of gas condensates to new markets and used a part of them in the country\u2019s refineries and petrochemical complexes,\u201d he explained.<\/p>\n\n\n\n

Iran is currently producing 700,000 to 800,000 barrels of gas condensates per day, said the minister, adding a single-day condensate export disorder could cause widespread disruption while condensate exports had been reduced to 7,000 barrels a day during the previous administration.<\/p>\n\n\n\n

Touching upon a cyberattack on 4,400 gas stations of Iran in October 2021, Owji said the problem was fixed in the shortest time possible and the fuel system returned to normal.<\/p>\n\n\n\n

Oil output<\/strong><\/p>\n\n\n\n

Iran\u2019s crude oil production now stands at 3.19 million barrels per day (bpd), announced the minister, adding the output will rise to 3.3 million bpd within the next 10 days.<\/p>\n\n\n\n

He also said Iran\u2019s oil exports set a new record every month.<\/p>\n\n\n\n

\u201cLast year, we completed semifinished projects worth over $12 billion, including Phase 14 [of the South Pars gas field] and the second phase of Abadan Refinery, and more partly-finished projects worth $15 billion will become operational by mid-March 2024,\u201d continued the minister.<\/p>\n\n\n\n

Pointing to the transportation of C12 platform to Phase 11 of the South Pars field, Owji said production in Phase 11 with a 10 to 12 mcm daily capacity started on Friday (August 11) and its production will soar to 50 mcm a day following the drilling of more wells.<\/p>\n\n\n\n

The construction of new integrated refinery and petrochemical complexes in the country such as Shahid Soleimani Refinery-Integrated Petrochemical Plant is necessary for passive defense, noted the minister, adding that the plants will help the country supply and export oil products sustainably and much easier than crude oil.<\/p>\n\n\n\n

\u2018Most vital\u2019 project<\/strong><\/p>\n\n\n\n

Owji described the pressure-boosting project in the South Pars gas field as \u201cthe most vital\u201d, adding basic studies of the project have been almost done and domestic contractors and manufacturers will supply its platforms and turbo-compressors.<\/p>\n\n\n\n

Domestic manufacturers are meeting 75 to 80 percent of the Iranian oil industry\u2019s needs, said the minister.<\/p>\n\n\n\n

The South Pars field will not produce gas with current pressure forever, he assured and concluded, \u201cWe will witness pressure drop in the field\u2019s wells in the next three or four years and an estimated investment of at least $20 billion will be needed to address the problem.\u201d<\/p>\n

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