Iran boosts gas production from underwater field

TEHRAN, Iran – Iran said Sunday that it has more than doubled production at a giant undersea gas reservoir over the last four years.

President Hassan Rouhani, who will stand for re-election next month, had campaigned in 2013 on promises to boost Iran’s natural gas production. He said daily Iranian production at the South Pars Gas Field, which Iran shares with Qatar, has reached 540 million cubic meters, up from just 240 million when he was elected in 2013, state media reported.

Oil Minister Bijan Zanganeh said $20 billion has been invested in the field over the past decade, and that another $15 billion would be invested in the coming years, without providing specific details.

Qatar produces more than 590 million cubic meters per day from the field and plans to increase production by 10 per cent by 2022.

Iran’s total gas production stands at 750 million cubic meters per day, of which 550 million is consumed domestically.

Iran exports to neighbouring Turkey and Iraq, and pipelines to Pakistan and Oman are in the works. Iran imports some 12 million cubic meters per day from neighbouring Turkmenistan.