TEHRAN, Iran, March 9
Trend:
Iran requires $6 billion worth of investment to produce 50 million
cubic meters of gas, said the Managing Director of the National
Iranian Oil Company, Mohsen Khojaste Mehr, Trend reports citing
IRNA.
"It is necessary to have a solution for providing the investment
for gas production since gas consumption in the country is rising
and this situation has become become very concerning," he said.
Khojaste Mehr also said there are 800 oil wells in the country that have low productivity and knowledge-based companies could provide the necessary help on this matter.
Meanwhile, back in Jan. 2022, Iran oil Minister Javad Owj stated that Iran needs $160 billion worth of investments in its oil and natural gas industries in the coming years, to avoid becoming a net importer.
Javad Owji previously said that because of lack of investments in the past, the country is now facing with a stark choice – invest $160 billion in its oil and gas sector or face declining output and eventually imports of fossil fuels.