Rostam Qasemi, Iran’s Energy Minister, announced a massive natural gas field discovery in Iranian part of the Caspian Sea.
He said that the field is situated in a water depth of 700 meters containing 50 trillion cubic feet of natural gas.
Shana quted Qasemi saying that “Iran’s Gas reserves went up to a great extent by discovering this reservoir”, and “this discovery was a good news for Iranian people living in the northern part of the country. “
Iran plans to invest $15 billion a year to expand its annual gas output capacity to 300 billion cubic metres (11 trillion cubic feet) by 2014, from 170 billion in 2009. It will invest $50 billion from 2010 until 2020 on LNG projects. Iran plans to export 8 million tons of LNG by 2012. The country also aims to increase natural gas exports by fivefold to 60 billion cubic metres (2.1 trillion cubic feet) a year by 2014
[mappress] Offshore Energy Today Staff , December 12, 2011;