Iran expands gas production along with new projects at North Field

Iran gas production

The largest natural gas reserve worldwide, Iran, strengthened its supplies by creating six projects on the offshore fields of South Pars.

The prior country is on the position on surpassing Qatar in terms of production, given that the latter is the largest exporter of natural gas at the Persian Gulf deposit. Officials in Iran desire to attain shares from the market to attract investments abroad and gas cargos.

According to Oil Minister Bijan Namdar Zanganeh at an event in Assaluyeh city on Sunday, Iran gained a total production of 570 million meters a day of gas at South Pars, which is considered almost equal with its adjacent Qatar. Iran allotted more than $20 billion to finish the six projects, according to their president Hassan Rouhani at the ceremony.

However BP Plc statistics showed that Iranians does not have enough gas to export because of the possibility that they are the ones who will utilize most of the production and almost half of its gas goes to power generators, warming houses and industrial use. The figures added that the new production consumption doubled to 191.2 billion cubic meters last two years versus 2005’s 102.7.

Earlier this April, Qatar reported that it was putting an end a 12-year ban on new projects. The country calls their parts of the deposit to the North Field, which will create the biggest non-associated gas reservoir of the world when combined with South Pars. Iran doesn’t plan on intervening Qatar’s project at North Field.

The country aims to construct pipelines to countries such as Pakistan and Oman. Iran also considers exporting 50 million cubic meters a day of gas to Iraq once it arranges the formal letter of purchase.

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