Iran to live on natural gas reserves for 100 years

Iran's oil ministry said the country's natural gas reserves will live up to 100 years.The National Iranian Oil Company (NIOC) Director for Research and Technology Mohammad Ali Emadi said according to Iran's fifth five-year development plan (2010-2015), the country's gas production capacity should increase by 250 million cubic meters per day. The South Pars/North Dome field is a natural gas condensate field located in the Persian Gulf. It is the world's largest gas field, shared between Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters of in-situ gas and some 50 billion barrels of condensate. Iran's share of the field has 14 trillion cubic meters of natural gas and more than 18 billion barrels of gas condensate reserves. Energy experts say that Iran has 137.6 billion barrels of proven oil reserves, and 29.61 trillion cubic meters of proven gas reserves. In June this year, The National Iranian Oil Company (NIOC) had announced discovery of another large deposit of crude oil and natural gas in the South Pars field in the Persian Gulf. It was estimated that the discovery would increase Iran's crude and gas condensate reserves by one billion barrels.