Sunday 19 March 2023 - 10:13

Iran’s Gas Extraction Hits Record High

Story Code : 1047515
Iran’s Gas Extraction Hits Record High
A 700-percent hike in the collection of oil revenues was another piece of the most important news related to Iran’s gas industry in the current year of 1401 (ends on March 20).

Among other promising news in the field is the significant increase of gas export to neighboring Iraq and also the launch of crude oil deposit certificate transactions and gas condensates.

Turkmenistan Gas Swap to Azerbaijan via Iran to Double

The Islamic Republic of Iran and the Republic of Azerbaijan inked a joint memorandum of understanding (MoU) in June of the current year to boost their bilateral ties. Accordingly, the two sides agreed to double the annual gas transmission volume to the Republic of Azerbaijan through Iran.

On the sidelines of the Economic Cooperation Organization (ECO) Summit, Iran, Turkmenistan and the Republic of Azerbaijan agreed in 2021 to swap 1.5 to 2 billion cubic meters of Turkmenistan’s gas to the Republic of Azerbaijan. This contract, which was signed after five-year hiatus of gas exchanges between Iran and Turkmenistan, leads to the increase of stability of gas network in northeastern Iran and paves suitable ways for Iran to turn into an energy hub in the region.

Turkmenistan Gas Swap Via Iran to Azerbaijan Is a Win-Win Deal

Hossein Hosseinzadeh a member of the Presiding Board of the Parliament’s Energy Commission said that trilateral gas swap deal between Iran, Turkmenistan and Azerbaijan helps foil sanctions imposed against the country, so that Turkmenistan gas swap via Iran to the Republic of Azerbaijan is a win-win deal.

He is of the opinion that trilatyeral gas swap deal will undoubtedly cause Iran to have a lion’s share at the financial markets especially with its neighbors and consequently, Iran can strengthen its political and economic ties with other countries.

Iran to Turn into an Energy Hub in Region: Oil Minister

In his visit to the Russian Federation in the current year to participate in 2nd Caspian Economic Forum, Javad Owji Iranian Oil Minister pointed to the amicable cooperation between Iran and Russia in energy field and stated that Iran and Russia, as the main gas exporting countries, have taken giant strides in the field of energy swap.

Iran has held constructive talks with other oil giants like Russia’s Gazprom, the amount of MoUs inked with these countries to $40 billion, he said, adding that these countries invest at Iranian oil and gas fields and will garner its costs after the operation of the production sector.

The CEO of the National Iranian  Oil company (NIOC) Mohsen Khojastehmehr said that Iran’s extraction of gas hit a record high.

He further noted that the extraction amount of Iran’s sour gas has reached the daily record of 990 million cubic meters from the joint gas fields.