Iran gas production set to reach 1bn m³ a day as South Pars comes on stream

South ParsIran gas production will hit 1bn m³ a day within three years, much of it destined for an eager European market, the Managing Director of the National Iranian Gas Company (NGIC) Hamid-Reza Araqi predicted today. “Europeans, neighbours and other countries are looking forward to receiving gas from Iran,” he said, adding that gas would soon account for 70% of Iran’s energy production. 
The dramatic increase in Iran’s gas production is down to the development of its section of the gigantic North Field/ South Pars offshore deposits in the Persian Gulf. 3,700km² of its total 9,700km² lies in Iran’s territorial waters (Qatar owns the remainder) and it is estimated that in its entirety, the fields hold 50tr m³ of gas – around 8% of the world’s entire reserves.