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Iran Mulls $22b Investment to Maintain Gas Production

Iran Mulls $22b Investment to Maintain Gas Production
(Friday, October 8, 2021) 23:27

TEHRAN (NIPNA) – Iranian Minister of Petroleum Javad Owji said the country would need to invest $22 billion in the gas sector given the drop in gas pressure within the next 6 to 8 years.

Speaking in the city of Jam in the southern province of Bushehr on Friday, October 8, Mr. Owji underlined the rich gas reserves in the province, and said that about 50% of gas reserves and about 10% of Iran's oil reserves are in Bushehr.

"During our visit to Bushehr Province, we will closely follow the completion of half-finished projects in oil and gas."

Stating that part of the refinery project of phase 14 of South Pars Gas Field would come on stream by the end of the current Iranian calendar year which began on March 21, he said: "Also, planning and studies of increasing pressure on various phases of South Pars will begin."

"Due to the drop in gas pressure in the field, we estimate that over the next six to eight years, we will have to invest about $22 billion to maintain gas production,” the Iranian Minister of Petroleum went on to add.

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