BAKU, Azerbaijan, October 28. Iran has solidified its position as the Middle East’s largest natural gas producer, with output rising by 30% - nearly 70 billion cubic meters - between 2018 and 2024, according to the International Energy Agency (IEA), Trend reports.
This rapid growth was driven mainly by the ongoing development of the South Pars field and supported both oil-to-gas switching in the power sector and the expansion of gas-intensive industries, including fertilizers and chemicals.
Looking ahead, the IEA expects Iran’s gas demand growth to slow to around 1% per year between 2024 and 2030, translating to an increase of less than 15 bcm annually, primarily for domestic consumption.
Production growth will be supported by South Pars Phase 11, inaugurated in 2023, which is expected to ramp up to more than 18 bcm per year during the forecast period.
Iran currently operates 74 oil fields and 22 gas fields. Among them, 37 oil fields are managed by the Southern Oil Fields Company, 14 by the Central Oil Fields Company, five by the Arvandan Oil and Gas Company, and 18 by the Offshore Oil Company. Gas fields are distributed similarly: five under the Southern Oil Fields Company, 13 under the Central Oil Fields Company, one under Pars Oil and Gas Company, and three under the Offshore Oil Company.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels, of which approximately 340 billion barrels are recoverable with existing technologies - around 30% of the total - while the remaining 70% remains undeveloped.
