Iran’s ICOFC gas output surpass 90 billion cubic meters

Oil&Gas Materials 23 February 2014 12:26 (UTC +04:00)

Baku, Azerbaijan, Feb. 23

By Rahim Zamanov - Trend:

Iranian Central Oil Fields Company (ICOFC) produced some 90 billion cubic meters of gas from the beginning of the current Iranian calendar year (started on March 21) so far, the company's managing director, Salbali Karimi, said on Feb. 23, Iran's Fars News Agency reported.

"ICOFC is ready to provide the same amount of gas in the next year, but the company's output depends on the National Iranian Gas Company's demands," he explained.

"If some phases of South Pars gas field come on stream in the next year, ICOFC's production woud change," he said.

The former managing director of ICOFC, Mehdi Fakour, said on December 5 that ICOFC is currently able to produce more has than its nominal capacity, the ISNA News Agency reported.

Fakour said on November 10 that the daily gas production of ICOFC will surpass 351 million cubic meters in two years.

"The company's production capacity currently stands at 300 million cubic meters per day for cold months and 240 million cubic meters for warm months," the IRNA News Agency quoted Mehdi Fakour as saying.

Iran's Oil Minister Bijan Namdar Zanganeh said in October that Iran will become self-sufficient from gas imports after the Iranian solar year of 1394 which will start on March 20, 2015.

According to SHANA News Agency, Zanganeh said on October 30 that gas shares 70 per cent of Iran's energy consumption basket.

Iran has 33.6 trillion cubic meters of gas reserves.

According to this report released in March 2013, overall, Iran's natural gas consumption is expected to grow around seven per cent annually for the next decade.

Natural gas accounted for about 59 per cent of Iran's total domestic energy consumption in 2010 with oil consumption at 39 per cent of total energy use, according to EIA.

Iran eyes boosting gas production by commencing 12 new phases of the joint South Pars gas field, but Zanganeh said there are only two, Phases 15 and16, until March 2015. Iran needs a $25 billion investment to commence remaining phases of South Pars (phases 11 to 24) to boost gas output by 300 mcbpd in 2.5 years.