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) as the National Iranian Gas Company managing director said.
Speaking in a meeting with gas industry contractors on Wednesday, Managing Director of the National Iranian Gas Company Hamid Reza Araghi noted that to reach its goal for gas production, Iran needs to functionalize all underway projects related to the gas sector.
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 which demonstrates how vast the domestic distribution network of Iran’s gas is.
“In no other country in the world, various industries are as dependent on natural gas as in Iran,” he added.
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.
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