TEHRAN (Iran News) – Iranian Oil Minister Javad Oji has said the country requires at least $22 billion of investment to maintain the production level of the country’s gas fields over the next six to eight years, ILNA reported.

Speaking on the sidelines of a visit to the southwestern oil-rich Bushehr province on Friday, Oji referred to the abundant gas reserves in Bushehr province and noted that about 50 percent of Iran’s gas reserves and about 10 percent of the country’s oil reserves are in Bushehr province.

“During our visit to Bushehr province, we will discuss the completion of semi-finished oil and gas projects,” he added.

The official noted that a project for studying new methods of increasing the recovery factor of the country’s gas fields will start by the end of the current Iranian calendar year (late March 2022).

According to Oji, a big part of the needed investment for maintaining the production level of the country’s gas fields will be allocated to Bushehr province.

Back in September, Mohammad Meshkinfam, the managing director of Pars Oil and Gas Company (POGC), which is in charge of developing the country’s giant South Pars gas field in the Persian Gulf, said proper planning must be made in order to maintain the field’s production level in the future.

“So far $80 billion has been invested for the development of the field and from now on we should try and make planning to maintain the production levels,” Meshkinfam said in a meeting with Oji.

He noted that out of a total of 400 wells in the offshore section, 336 wells are active and operational adding: “With the implementation of Corrosion Resistant Alloy (CRA) pipes, other remaining gas wells, whose drilling operations have been completed in the offshore section, will go operational.”

Referring to the operation of all offshore platforms in the South Pars phases, the official said: “Currently, 37 platforms are operational [in this field] and only two platforms of phase 11 have remained. With these two platforms going operational, we will have a total of 39 active platforms in the South Pars gas field.”

Pointing to the field’s average daily production, Meshkinfam put the field’s output at the time at 617 million cubic meters (mcm) and noted that POGC will ensure an average daily output of 700 mcm in the current Iranian calendar year (started on March 21).

He further mentioned the phase 11 development project, saying: “Over the past 20 years, nearly $80 billion has been invested in South Pars, as a result of which the offshore section of this field has been completed except for the Phase 11 which will be completed over the next two years.”