Iran announces that production of the world's biggest gas field has been partially suspended following an Israeli attack

The semi-official Tasnim News Agency reported that Iran had partially suspended gas production after an Israeli attack caused a fire at the world's largest gas field on Saturday. This would be Israel's first strike against Iran's oil sector.

Iran shares South Pars with Qatar. It would be a major escalation of the conflict if it was struck, as the oil price had already increased by 9% Friday despite Israel sparing Iran's gas and oil on its first day.

Israel launched a massive air assault against Iran, destroying nuclear sites and killing scientists and commanders in an effort to prevent Tehran from building an atomic bomb.

South Pars is located in Iran's Bushehr Province in the south. It is the largest field in Iran and the third largest in the world after the United States.

The Iranian oil ministry reported that the strike had caused a fire which was extinguished. Tasnim reported that a fire had broken out in one unit of Phase 14 at South Pars. This caused the production of 12,000,000 cubic metres of natural gas to be halted.

Iran produces approximately 275 billion cubic metres (bcm), or 6.5% of the global gas production, per year. It consumes this gas domestically because it is not allowed to export it due to sanctions.

Iran and Qatar share the North Field. Qatar supplies liquefied natural gas to Europe, Asia and other parts of the world with the help from global giants like Exxon and Shell. (Reporting and writing by Parisa Hafezi, Enas Alashray and Dmitry Zhdannikov. Editing and production by Kevin Liffey, Peter Graff and Kevin Liffey)

(source: Reuters)