Iraq, Iran May Sign New Gas Deal

Iranian media reported Tuesday that Iran and Iraq are likely to ink a deal where Iraq will import 25 million cubic meters (mcm) of natural gas each day in 2013 from its gas rich neighbour.

The imported gas will be used by four Iraqi power plants.

Iran has the second largest proven gas reserves in the world after Russia. Iraq has said that it needs 10 to 15 million cubic meters of Iranian gas per day. 

World’s second largest natural gas holder has said that it plans to enhance the development of its energy resources with a special focus on developing South pars gas fields.

During the last Iranian year output from South Pars gas field reached 86 billion cubic meters.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.