Baku, Azerbaijan, July 9
By Fatih Karimov - Trend: Iran allocated $1.4 billion to the development of Kish gas field, located in the Gulf, Iran 's First Vice-President Eshaq Jahangiri said.
The field is projected to yield 9 billion cubic meters of natural gas and 4 million barrels of gas condensates per year, Iran 's Shana news agency reported July 7.
The Kish gas field is the largest non-shared natural gas field in the country.
A consortium consisting of domestic banks and private companies is in charge of developing the downstream sector of the field.
The development plan of the Kish gas field started in 2007. The field holds around 66 trillion cubic feet of in-situ gas and 514 million barrels of condensates.
According to the U.S. Energy Information Agency, Iran holds the world's second-largest natural gas reserves.
However, international sanctions have affected Iran 's natural gas sector. The country's gas sector has been expanding, but production growth has been lower than expected as a result of the lack of foreign investment and technology. In 2014, Iran experienced higher production growth than usual because new phases at the South Pars natural gas field came online. The output of the South Pars gas field is about 440 million cubic meters per day.
Edited by CN