Iran talks the talk on Caspian gas

The Chalous deposit is both significant and conveniently located for potential export purposes. But production is likely a long way off

A subsidiary of National Iranian Oil Co. (NIOC) caused something of a stir this summer with claims that the identification of new resources in the country’s Caspian Sea sector could see Iran supply 20pc of European gas demand. “If the initial estimates [at Chalous] are confirmed and exploration success is achieved,” Khazar Exploration and Production Co. (Kepco) CEO Ali Osouli said on his company’s website, “the Iranian sector of the Caspian Sea will play a significant role in gas exports to Europe in the near future. Iran’s new gas hub will be formed in the north to let the country supply 20pc of Europe’s gas needs from this region”. The suggestion was quickly seized on by political analysts