Iran has announced a partial suspension of gas production at the South Pars gas field following an Israeli attack that caused a significant fire on Saturday, reported Reuters, citing the semi-official Tasnim news agency.
Iran’s oil and gas sector has experienced its first Israeli strike, which has raised concerns over a major escalation in regional conflict.
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The Iranian Oil Ministry confirmed that the strike caused a fire, which has now been extinguished, in one of the four units of Phase 14 of South Pars, halting the production of 12 million cubic metres (mcm) of gas.
The South Pars field, situated offshore in Iran’s southern Bushehr province, plays a crucial role in the country’s gas production. Iran is the third-largest gas producer globally, behind the US and Russia.
Despite producing approximately 275 billion cubic metres of gas annually, accounting for around 6.5% of the world’s gas output, Iran’s domestic consumption absorbs its entire production due to sanctions that restrict its ability to export gas.
Qatar, which shared the field with Iran and refers to the shared field as the North Field, produces 77 million tonnes of liquefied gas, engaging companies such as Exxon and Shell, and supplies it to markets in Europe and Asia.
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By GlobalDataAccording to the Times of Israel, Israel targeted a fuel depot and an oil refinery in Tehran on Saturday, with Iran confirming the attacks but assuring the situation was managed.
The strikes were Israel’s retaliation for Iranian missile attacks on its civilian regions, the report stated.
