Iran’s natural gas production to hit one billion cubic meters per day by 2020

Iran has plans to increase its natural gas production to one billion cubic meters (bcm) per day by the end of the Sixth Economic Development Plan (2015-2020).

Speaking in a meeting with gas industry contractors on Wednesday, managing director of the National Iranian Gas Company, Hamid Reza Araqi, noted that to reach its goal for gas production, Iran needs to implement all underway projects related to the gas sector, Mehr news agency reported.

Stressing the necessity of cooperation between Iran’s gas industry and private sector, the official added that natural gas plays an important role in the country and accounts for about 70 percent of Iran’s energy basket.

“In no other country in the world, various industries are as dependent on natural gas as in Iran,” he added.

Managing Director of the National Iranian Gas Company Hamid Reza Araqi ©SHANA

The official’s comments came at a time that Iran, which sits on the world’s largest gas reserves, is trying to enhance gas production by increasing foreign and domestic investment, especially in its South Pars gas field.

South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar’s territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

On May 8, a senior gas industry official said production of natural gas from South Pars gas field is to increase by 7 trillion cubic feet per day (tcf/d) before the end of the current Iranian calendar year (ends March 20, 2016).

Speaking to reporters on the sidelines of the 20th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Sha’banpour noted that when the 12th phase of the field becomes fully operational this year, it will produce 2.5 tcf/d of natural gas.

This photo shows a general view of Phase 12 of South Pars gas field. ©SHANA

“Also, when phases 15 and 16 come on-stream, they will be producing 2 tcf/d of natural gas,” he was quoted by IRNA as saying.

The official further noted that after full commissioning, phases 12, 15 and 16 of South Pars gas field along with some parts of phases 17 and 18 will produce about 6 tcf/d of natural gas.

Sha’banpour said parts of Phase 19 will be also made operational to produce 1 tcf/d of natural gas.

“On the whole, when these phases come on-stream by the end of the year, the field’s overall natural gas output will increase by 7 tcf/d,” he added.

By Press TV