While the European Union ramps up pressure to adopt a ban on Iranian gas imports this week, the impact will be mostly psychological. The sanctions have already prevented Iran to develop its LNG plants and no European member buy directly Iranian pipeline gas. But Turkey which is an importer of Iranian gas could in theory export some of it to Greece through the interconnector and then ship it to the rest of Europe...
More importantly, Iran stands out as a big gas giant with aborted dreams. With the worlds's second largest gas reserves, its potential remains untapped. Its neighbor Qatar and co-owner of the giant South/North Pars field has become the world's top LNG exporter reaching 77 million tons of capacity. The shale gas revolution in the US has eroded the influence of the gas troika (Russia, Iran, Qatar) and the GECF (gas exporting country forum).
The fastest North America develops its gas bonanza into LNG exports, the more new suppliers enter the market (East Africa, East Mediterranean), and as Caspian gas continues its expansion, the less the world needs Iranian gas.
Sunday, October 7, 2012
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