Iran to raise its daily natural gas output by 250 mcm in 5 years
Iran’s natural gas production will increase by a fourth of its existing capacity in the next five years despite US sanctions targeting the country’s energy sector, according to an Oil Ministry official.
Touraj Dehghani, who serves as the CEO of the Pars Oil and Gas Company (POGC), said on Tuesday that Iran needs to raise its gas output by 250 million cubic meters (mcm) per day until 2030 to respond to a growing demand for energy in the country’s household and industry sectors.
Dehghani said his company, which is in charge of operations in South Pars, a vast gas field shared between Iran and Qatar in the Persian Gulf, will be responsible for a major part of the planned increase in gas production.
He said, however, that Iran will definitely meet a target of 150 mcm per day in new gas output in the coming years based on the plans, budgets, and investments that the government has finalized.
“Relying on the know-how and experience of domestic experts, we are sure that we will materialize at least 150 mcm in new gas production capacity in the next four or five years,” said the official in a news conference in Tehran.
Iran’s current capacity for production of sour gas is just over 1 billion cubic meters per day of which more than 871 mcm is turned into sweet gas and injected into the country’s nationwide gas pipeline network.
South Pars is responsible for 70% of the output with a current annual production of more than 2.6 billion cubic meters which is worth nearly $100 billion.
Dehghani said that Iran will invest $17 billion in South Pars in the coming years to prevent a pressure drop that could cause major disruption to nationwide gas supplies.
He said that domestic companies like the POGC have been successful in their projects in South Pars despite the sanctions and despite the fact that major international energy companies are active in the Qatari side of the giant gas field.
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