Iranian Oil Minister Javad Oji said that Iranian natural gas production will reach 1.3 billion cubic meters per day within 5 years, up from current levels of 1.07 billion cubic meters per day, the semi-official Iranian Students News Network reported.
Oji said during the seventh summit of the Gas Exporting Countries Forum, which concluded its work yesterday, Saturday, in Algeria, that in order to “ensure Iran’s central role in the field of global energy,” $80 billion will be invested in developing Iranian gas fields.
It is noteworthy that Iran ranks third in the world in natural gas production after the United States and Russia.
Tehran has been isolated from foreign investors since former US President Donald Trump re-imposed sanctions on it in 2018, and has relied mainly on local companies to develop the Iranian energy sector despite the lack of liquidity in those companies.
Most of Iran’s gas production is consumed domestically or is lost to gas flaring. Experts told state media that the country may face a deficit of 300 million cubic meters per day of gas in the coming years.
Domestic gas consumption is now approaching a record level of 700 million cubic meters per day during the winter months. The Oil Minister previously called on Iranians to limit their consumption.
Yesterday, the curtain came down on the activities of the seventh summit of heads of government of the Gas Exporting Countries Forum in Algeria, with a number of important decisions and recommendations for the members of the group and the international gas market.
The “Algeria Declaration” affirmed the group’s rejection of any artificial interference in natural gas markets, including attempts to influence price setting mechanisms and risk management functions in the markets, in addition to politically motivated price caps, which lead to “exacerbating the restrictions on markets and discouraging investments necessary to meet global demand.” Increasing energy.
