BAKU, Azerbaijan, October 16. Iran has strong potential for expanding gas production in the upcoming years, the International Energy Agency (IEA) said, Trend reports.
As per the agency's estimations, in Iran, the majority of the additional supply is expected to come from the increasing production at the extensive South Pars field.
The commencement of gas production in Phase 11 of the South Pars field began in August 2023, with the initial output estimated to be around 4-5.5 bcm per year, and the potential to scale up production to nearly 20 bcm per year in the coming years, the IEA added.
Meanwhile, within the Middle East, the IEA estimates that natural gas production increased by 3 percent in 2022, amounting to approximately 20 bcm.
This growth was predominantly propelled by the rising gas demand in the industrial and power sectors of Iran and Saudi Arabia, the report noted. Projections suggest that gas production in the region is anticipated to grow by nearly 15 percent, equivalent to 100 bcm, by 2026, compared to 2022 levels. This substantial growth is primarily underpinned by the increasing domestic demand in Iran and Saudi Arabia, as well as export initiatives in Israel and Qatar.