Iran refines over 71.2 bcm of gas in 5 months

Business Materials 12 September 2014 13:30 (UTC +04:00)

Tehran, Iran, Sept. 12

By Milad Fashtami - Trend:

Iran refined over 71.2 billion cubic meters of gas in the first five months of the current Iranian calendar year, which started on March 21.

Director for Coordination and Revision Affairs at National Iranian Gas Company Mehdi Jamshidi said that the figure is 15 percent more of the same period the previous year, Iran's SHANA News Agency reported on September 12.

"The increase is largely due to reducing repairing time in refineries," he explained.

Jamshidi added that an increase in production at South Pars' phases 12, 15 and 16 also helped the increase.

He noted that gas transfer via 5th cross-country gas pipeline in the mentioned period increased by 12 bcm, compared to same time span in the previous year.

According to Oil & Gas Journal, as of January 2014, Iran's estimated proved natural gas reserves were 1,193 trillion cubic feet, second only to Russia.

Iran holds 17 percent of the world's proved natural gas reserves and more than one-third of OPEC's reserves. Iran has a high success rate of natural gas exploration, in terms of wildcat drilling, which is estimated at 79 percent compared to the world average success rate of 30 to to 35 percent, according to FGE.

According to BP's latest yearly report, Iran's dried gas output is about 160 bcm, a little more than domestic consumption level.

Iran exported 7.5 bcm of gas to Turkey and imported 4.5 bcm gas from Turkmenistan in 2012, according to BP's report.