Iran speeds up gas production to expand world market

Xavier Trudeau
Juillet 11, 2017

Iran's gas production is expected to reach around 1,365 million cubic meters and oil production and is projected to stand at almost 5.7 million barrels per day by 2021, Zamaninia said.

Iran's ambassador to Paris said Total, by signing a contract with NIOC, has opened the doors to all other energy majors of the world to join projects in Iran.

According to the International Energy Agency, the field holds an estimated 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of natural gas condensate.

The country is now producing near 4 million bpd of oil of which about 1.5 million-1.7 million barrels are being used as the feedstock for domestic refineries and the rest is sent to the buyers all around the world.

Meanwhile, the overall gas industry output in Iran would hit 1 billion cubic meters per day by the end of 2017, the deputy minister added.

According to information published by OPEC, Iran produced 3.795 million barrels of oil in May.

"Indeed, the US new administration renewed waivers that they were supposed to do under the Joint Comprehensive Plan of Action [JCPOA] on May 19, which President Donald Trump signed and renewed." he said.

Iran's state National Iranian Oil Company (NIOC) is planning to tender 14 oil and gas blocks for exploration in the next two to three months, a senior official was quoted as saying.

Ankara has suggested that Iran's gas can be transferred to Europe through Turkey, he said. "Its viability is the question that we are now considering", he explained.

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