Iran to double LNG production

Oil&Gas Materials 15 October 2011 11:44 (UTC +04:00)

Azerbaijan, Baku, Oct. 15/Trend, A.Gurbanova/

Iran's LNG production will double in next three years to 1.2 billion cubic meters per day, IRNA reported quoting deputy oil minister Javad Oji as saying.

"In case all Phases of South Pars operate, the country's oil production capacity would double over the next three years by 700 to 720 million cubic meters per day," he said.

South Pars current gas production is 25 million cubic meters per day while the gas condensate reaches 42,000 barrels, he added.

$35 billion is expected to be invested in National Iranian Gas Company over the next five years and the production will reach 1.2 billion cubic gas that would bring $100 billion revenues.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources