Reaching natural gas production of one billion cubic meters per day (bcm/d) has been one of the three core hydrocarbons resource strategies of Iran since the Islamic Republic began to seriously develop the supergiant South Pars non-associated natural gas field in 1990, alongside producing 5.7 million barrels per day (bpd) of oil and building out a world-class petrochemicals sector. Over the past week or so, Iran has announced a number of initiatives aimed at increasing gas output from South Pars in order to significantly surpass this 1 bcm/d figure as quickly as possible with the corollary boost in export revenues. With an estimated 14.2 trillion cubic meters (tcm) of gas reserves in place plus 18 billion barrels of gas condensate, South Pars already accounts for around 40 percent of Iran’s total estimated 33.8 tcm of gas reserves and about 60 percent of its gas production. This is set for […]