News / Energy

Iran to emerge as US rival in gas markets

Monday, 25 July 2016 2:10 PM [ Last Update: Monday, 25 July 2016 3:22 PM ]

Forbes in a report says Iran could soon emerge as a main rival to the United States in global gas markets.

Forbes in a report has hailed Iran’s success over the development of its gas industry and says the country can soon become a main rival over market access to key players like the United States.

The world’s leading business magazine says Iran owes the progress it has made in its gas industry to its high exploration success rate which it says stands at a whopping 79 percent.

The rate, it says, is specifically high given that the world’s average is only 30 to 35 percent.

The Forbes report further emphasizes that the progress in Iran’s gas industry could soon enable it to exploit the promising markets in India, Pakistan, Kuwait, and UAE.

It adds that the country’s planned reductions in subsidized pricing, which will help reduce wasteful usage, will free up more of its gas for exports.

Forbes further stresses that Iran’s plans to produce liquefied natural gas (LNG) will specifically have a prosperous future.

“Iran is currently working on several options to join the same ‘international LNG club’ that the US is also joining,” wrote Forbes in its report. “And Europe is the mid- and long-term target. Europe’s gas demand is projected to increase 15-20 percent by 2025. This means that Iran is competition for the US”.

The report emphasizes that Iran’s LNG plans are expected to become operational after 2020, adding that the country could benefit from the growing demand over the succeeding years particularly given that Europe’s gas demand, for example, is projected to increase 15-20% by 2025.

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