$11b Investment Necessary for Iran Offshore Gas Fields

Source: www.gulfoilandgas.com 11/12/2021, Location: Asia

The CEO of the National Iranian Oil Company (NIOC) said roughly $11 billion will be invested to bolster gas production from Iran’s offshore fields by 240 million cubic meters.

According to POGC, speaking to reporters during a visit to Phase 14 of South Pars Gas Field on Thursday, Mohsen Khojastehmehr announced the development of a new economic hub for gas production in the North Pars field with an investment of $4 billion.

Accompanying the chairman and members of the Energy Committee of the Islamic Consultative Assembly to phase 14 of South Pars, the NIOC CEO said: "We have put development plans on the agenda to supply the gas needed by the country; included in these plans is the development of the North Pars gas field which is equivalent to four phases of South Pars, with an investment of about $4 billion."

He further added that the development of the first phase of the Kish gas field is in NIOC’s agenda, adding: "Accelerating completion of phase 11 of South Pars and also using the capacities of Iran's onshore fields will be part of plans to enhance the country’s gas output."

Regarding the amount of investment needed to increase gas production in the offshore sector, the CEO of the National Iranian Oil Company said: "We will invest about $11 billion in offshore areas so that we can add about 240 million cubic meters per day to the country's gas production capacity."


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