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Iran wants to increase its gas production

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Iran wants to increase its gas production

Iran wants to increase its gas production
October 17
15:00 2016

Iran, which is the second among the raw material producers in the OPEC, is planning to increase the natural gas production in 2017 to the level that has been reached in Qatar. In addition, Iran hopes that the agreement on the reduction of the raw material production will be reached at the cartel’s meeting in November. This was told on Monday by the Iranian Oil Minister Bijan Zanganeh.

Speaking at an international energy conference, Zanganeh said that a top priority for Iran was the joint development of the gas field South Pars with Qatar.

Iran is going to increase the oil production to 4 million barrels per day in 2019 and to 4.28 million barrels per day by 2020. According to Zanganeh, the country is planning to increase the production of the gas condensate to 1 million barrels per day by 2018. At present, Iran produces 3.8 million barrels of oil per day and 688,000 barrels of the gas condensate per day.

The Iranian Oil Minister said that a new type of contracts regarding the development of fields for foreign and local companies had the goal to increase the oil production.

Zanganeh was asked whether Tehran with its current level of the oil production would join the cartel agreement. He gave the response: “We will establish the quotas for each country in November.”

According to the results of the informal meeting in September in Algeria, the OPEC member countries have come to an agreement on the reducing the production to 32,5-33 million barrels per day for the first time over 8 years; this has been done in order to finish the “oil war”, because of which the market has been experiencing the surplus of raw materials and the collapse in oil prices by more than 50 percent since mid-2014.

Deputy Minister of Petroleum for international and commercial affairs Hossein Zamani-Nia commented that the OPEC agreements, which had been reached in Algeria, was a small step in the right direction.

In particular, he said: “This was the first small step in the right direction … We participated in it, we have supported it.” Also Hossein Zamani-Nia said that the current production of raw materials in Iran was equal to 3.85 million barrels per day. The export oil is equal to 2.2 million barrels per day.

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  1. Mikhail Borzov
    Mikhail Borzov October 17, 17:34

    Iran is likely to receive benefits despite the fact that the decision to cut the production has been made in Algeria.

    Reply to this comment
  2. Arno
    Arno October 17, 18:38

    I agree, as before the international sanctions imposed on the country in 2012, Iran was the second largest producer in OPEC, and now the state defends its right to regain lost ground.

    Reply to this comment

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