Iran to boost gas to 700 mln cmpd by 2012- agency

Iran to boost gas to 700 mln cmpd by 2012- agency

Iran says its gas production output will rise to 700 million cubic meters per day by March 2012, an official was quoted on Monday as saying by the semi-official Mehr news agency.

April 4, 2011 4:52 by Reuters

Iran says its gas production output will rise to 700 million cubic meters per day by March 2012, an official was quoted on Monday as saying by the semi-official Mehr news agency.

Iran has the second-biggest gas reserves in the world after Russia, but sanctions over its nuclear ambitions and other factors have slowed its development as a major exporter. It is unable to access the technology it needs to build liquefied natural gas (LNG) facilities.

“By the inauguration of South Pars new phases, the production capacity of the country will rise by 100 million cubic meters in the current (Iranian) year, which will end in March 2012,” Deputy Oil Minister Mohsen Khojasteh Mehr told the agency.

Iran’s gas production capacity is currently about 600 million cubic metres per day.

South Pars is on the Iranian side of the world’s largest known gas reservoir not associated with oil production.

Qatar holds the southern section of the field, where it is known as the North Field. Qatar has developed its side of the field to become the world’s largest exporter of LNG.

(Reporting by Mitra Amiri; Writing by Ramin Mostafavi; Editing by Jane Baird)