Iran says it is close to starting up two more phases of its supergiant South Pars gas field which will increase the country’s natural gas output by around 1.9bn cfd (19.6 bcm/year) or 10%, once fully online, a key boost in the oil ministry’s efforts to double domestic output from around 165 bcm/y in early-2014 to 330 bcm/y by 2017.
This target comes as part of a wider and incredibly ambitious $62bn three-year investment plan announced by the National Iranian Gas Company (NIGC) early last year, aimed at further developing Iran’s gas industry after close to 10 years under debilitating US, EU and UN-led sanctions on its energy sector. (CONTINUED - 281 WORDS)
