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Iran builds gas business

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LNG Industry,

Bloomberg are reporting that Iran is hard at work gaining a foothold in the global energy market.

Political troubles are unlikely to turn into tangible impediments for its ambition to join Russia and Norway in the ranks of major gas exporters.

The nation has about US$7 trillion worth of gas reserves sitting underground, and its doors are open to those who will help it cash in on the fortune.

The country may need as much as US$100 billion to develop its gas business. Majors from Royal Dutch Shell to Total SA agreed to assess oil or gas fields in Iran last year, but no deals have been signed yet. Total plans to sign a contract if Iran respects an international nuclear treaty and if the US sticks to it.

“There are concerns and the international capital is scarce, but our projects and our environment are so attractive that we don’t think we will face a great deal of difficulty,” Deputy Iranian Oil Minister Amir Hossein Zamaninia said last week at the CWC Iran LNG & Gas Summit in Frankfurt. “We don’t think that the new administration in the US will pose a big problem in this department, in the oil and gas business.”

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