Iran expects its gas production to grow 71% in the next four years, putting the country on course to take over as the second biggest gas producer, an official said on Thursday.
The country will account for 10% of the world’s gas trade in the next four years during which $62.5 billion will be invested in the industry, head of planning at the National Iranian Gas Company Hassan Montazer-Torbati said.
Iran is currently the third producer of gas with 180 billion cubic meters (bcm) a year, the official said, adding this volume is expected to rise to 400 bcm by 2020.
In the next four years, meanwhile, every Iranian will have access to gas during which the national pipeline length will rise to 45,000 kilometers from 36,000 kilometers now, Montazer-Torbati added.
Much of Iran’s gas production goes to domestic consumption. The country exports 10 bcm of gas per year versus 150 bcm by Russia as the biggest exporter.
In its latest review of world energy, London-based oil giant BP gave the world’s top rank for the largest proven gas reserves to Iran with 34 trillion cubic meters (tcm) against 32.6 tcm held by Russia.
“Natural gas will be the main fuel in the next 20 to 30 years,” international affairs director at National Iranian Gas Co. Azizollah Ramezani said.
“Coal will be replaced by natural gas and natural gas will be the second most used fuel after oil,” he told Bloomberg in Paris where he was to attend the World Gas Conference.