Iran Expects Steep Increase in Gas Output, Exports
ISTANBUL, July 11 (Reuters) - Iran will see a steep rise in its natural gas output and exports after last year's easing of Western sanctions, its deputy oil minister said on Tuesday, adding that recent deals with global firms show they believe sanctions will not come back.
Amir Hossein Zamaninia, Iran's deputy oil minister for trade and international affairs, said Iran's gas production would rise to 1 billion cubic metres a day by the end of the year from the current 800 million cubic metres (mcm) per day.
He said volumes available for export should reach 365 mcm a day by 2021, which is higher than the exports of the world's top liquefied natural gas producer Qatar.
France's Total signed a deal earlier this month to help Iran increase gas output from the giant South Pars gas field, which the country shares with Qatar.
Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned energy company CNPC with 30 percent and National Iranian Oil Co subsidiary Petropars with 19.9 percent.
The deal marked the first by a major global energy company signed with Iran since the easing of sanctions against Tehran in January 2016.
"With the contracts signed last week, with the Chinese company and Total and the Iranian company, that is also a very good indication that the assessment by international oil companies is that the return of sanctions is very unlikely, if not impossible," Zamaninia told a conference in Istanbul.
(Reporting by Dave Dolan; writing by Dmitry Zhdannikov; editing by Jason Neely)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea