BAKU, Azerbaijan, November 17. Iran’s private sector is heavily involved in flare gas collection projects, Erfan Afazeli, Secretary General of the Iranian Federation of Petroleum Industry, said in a statement to Trend.
Iran has invested $5.5 billion in flare gas recovery initiatives, according to Afazeli.
He highlighted that the projects aimed at capturing flare gas from oil fields, which is typically burned off alongside crude oil, have been assigned to private sector companies through tenders organized by Iran's Oil Ministry.
Afazeli emphasized the significant strides made by private enterprises in these efforts. The full capture of flare gas, which is currently wasted in conjunction with crude oil production, is projected to be achieved by 2030.
To note, about 50 million cubic meters of flare gas are burned in Iran daily. Iran is currently collecting more than 20 million cubic meters of flare gas per day.
Iran's flare gases will be fully collected by March 20, 2026, and by harvesting the flare gases, Iran will generate $2 billion in revenue.